Through The Fly's Eyes: Agilent Technologies
The Outlook For Tech Gets Better & Better
Agilent (A) announced last night that it is buying $2.0 billion of its stock back. This raises its total buyback to $6.5 billion. Agilent's market cap is about $13 billion, so it essentially will repurchase half of its value with stock repurchases.
In addition, this spring Agilent took Verigy, a semiconductor test business, public and will spin the rest off to shareholders. Verigy came public just above $14 and is now over $18. Not too bad!
Agilent is another tech company that is doing well. Private equity is buying Freescale (FSL), Oracle (ORCL) and Cisco (CSCO) knocked the ball out of the park, and Motorola (MOT) went after Symbol (SBL) this week. The activity is just picking up in tech land. The cash generation by tech companies is enormous and a meaningful upswing in tech spending is only just beginning.