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Share Buybacks Boost Cheevers |
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Markets Media
June 10, 2011
Cheevers & Company, an agency-only institutional brokerage firm in Chicago, has mainly dealt with asset managers who trade domestic and international equities. The brokerage firm now looks to boost its available offerings by assisting large Fortune 100 corporations with stock buyback programs.
The move into the stock repurchase business was prompted by the current economic climate. Many corporations are sitting on large amounts of cash and aren't doing anything with it. As a result, companies are getting into buybacks. “We're seeing a trend in companies utilizing the excess cash gained by shoring up their balance sheets to participate in buybacks. As a result, we see offering 10b-18 trading as a growth opportunity for Cheevers & Company,” Laura Yunger, president of Cheevers & Company, told Markets Media.
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