Buybacks are right on par with insider buying, which shows management's confidence in their company (walking the walk, if you will), and shareholder dividends; cash or stock ~ IMO:)
Its usually a good thing, it shows a commitment to shareholder value. But it also can be used to manipulate earnings per share numbers or just be used as a good PR to pump up the stock price if they don't actually do it, or only buyback a tiny amount. In the conference call they said they want to stabilize and grow the share price. To me that means they will buy back shares anytime the share price starts to dip. And to me that sounds like a very good thing!
Buy back means less shares in the market, which means the chances of price increase is greater, conversely dilution (more shares inserted to the market) is badddddd