A Closer Look at Stockholders’ Equity

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A Closer Look at Stockholders’ Equity
1) Find a company that did a stock buyback in recent years through either:
a. Retirement of shares
b. Treasury Stock
*** Pick just one (a or b)
2) You can search on any website (Google, Yahoo Finance, CNBC, LexisNexis, etc.) for
news of the buyback. Include a picture of the article or press release in your write-up.
3) Once you have a company, go to www.sec.gov and search for the company’s filings
4) Find the company’s 10-K annual filing in the year the buyback happened.
– If the buyback is not in the 10-K, check that quarter’s 10-Q filing.
5) Save a picture of the:
a. Stockholders’ Equity section of the balance sheet
b. Statement of Stockholders’ Equity (if available)
c. Statement of Retained Earnings (if available)
d. Footnotes to the financial statements that provide additional information about
the stock buyback
6) Write a 2-page summary (double-spaced) which includes:
a. Why do you believe the company bought back its shares? Think about the
different reasons why companies buy back stock (undervalued stock, increase
EPS, stock options, mergers, acquisitions, takeovers, etc.). Did they make a good
choice?
b. Any observations from your analysis of the financial statements and/or footnotes
c. Check the change in the stock price on the day of the buyback. How did the
market react to the buyback announcement? Why do you think so? If there is no
reaction (or very little reaction), why do you think the market did not care?
7) The final write-up should include an appendix which has the article/press release,
pictures of the financial statements and relevant footnotes (#2 and #5 above). You do not
have to provide references.
8) Upload your final project to Blackboard folder named “Project”
9) Due Date: Friday, April 20, 2018 by 11:59 pm
10) Maximum points: 3%

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