Tuesday, October 7, 2008

Some buyback plays

Foster Wheeler (FWLT 29) has an aggressive stock buyback, and so does Bucyrus International (BUCY 34.40). These should be able to bounce for a quick trade, as their support seems to absorb the redemption selling by hedge funds.

Freeport (FCX 43.71) looked like their were real buyers interested in that number. Today we have much higher copper stockpiles. At these prices, does that even matter? Freeport also has big gold production, and the whole world wants gold, so that should be the copper offset.

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