Coach Is Packing Up Shares, Announces Billion Dollar Buyback

Last night, Coach (one of my favorite handbag designers!) announced plans to buyback up to $1 billion worth of its outstanding shares. 

The buyback will be completed by June 2010, in fact the company just completed a billion dollar buyback (started in winter 2007).  Prior to news of the latest buyback being released, the stock was down almost 5 percent yesterday.
If Coach insiders believe that the stock is undervalued, the markets agree.  This morning, the stock has gained 7 percent!