The issue of Blackout dates has already been explained..
Posted by: olddog967 In reply to: whizzeresq who wrote msg# 151651 Date:4/11/2006 12:26:19 PM Post #of 152578
whizzeresq: As far as I could determine there is no specific SEC rule regarding buy backs related to an earnings release blackout period. The general rule regarding material information would apply. What has happened is that many companies have implemented their own restrictions, see the following:
Best Practices: Blackout Periods on Company Buyback Programs Following a request from one of our members, we have been polling some of our leading members about their company policies on stock buyback programs during earnings blackout periods. We would like your responses to the survey too. You can respond online here. Below is a question and some representative answers. Question: Does your company have a policy against stock-buybacks during certain restriction periods? Company #1 - We would not repurchase shares during restricted periods governed by pooling of interests accounting requirements. Aside from this, we do not suspend purchases before, during or after earnings releases; the new rule 10b5-1 (relative to so-called "Chinese walls" separation of day-to-day repurchase activity from other substantive management roles) reinforces our view that suspension of repurchase activity is not necessary during earnings release periods. Company #2 - No repurchases during the month following a quarter-end until 2 days after earnings are released, whenever material non-disclosed information is known (acquisitions, dispositions, top management changes, etc.). Company #3 - We black out repurchases beginning the last two weeks of the quarter and up until the first trading day that is more than 24 hours after release of earnings. Company #4 - We cease buying shares 2 weeks before earnings are released and 48 hours after, per our company policy. Also, if we plan on any announcements, we impose the same restrictions.
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