Intel Corp (INTC)

[Elmer Phud]

One thing to consider about Intel's buybacks is that I think their strategy involves not buying back shares in compensation for options exercised, but instead in anticipation of new grants. Meaning that if Intel intends to grant X number of options at FMV, they will buy X number of shares at the market, thus having shares available to present upon demand at the same cost basis as the exercise price. Net result of options exercise is only the interest loss on the cash paid for the duration of the options period offset by the dividends not paid. Pretty close to a push.