Dell Stingy

Dell’s $10bn planned share buyback may look rather impressive on the surface. And at a tenth of the computer giant’s market capitalisation, it is hefty in both relative and absolute terms. But Dell is actually being rather stingy. The authorised buyback will hardly stretch the company. Dell has been buying back about 30m shares per quarter. Assuming that it keeps this rate up, the group would spend roughly $4.8bn on buybacks this year, based on the current share price. This will do little to m...