A flurry of buyback activity should give the equity market a boost in the coming weeks, and some stocks stand to benefit more than others, according to Goldman Sachs. The Wall Street firm estimated that 95% of S & P 500 companies have exited their blackout windows as the second-quarter earnings season nears the end. August has seen strong repurchase volume from large-cap companies with executions standing at about 40% above the average 2023 level, Goldman said.
"The re-opening of the buyback blackout window will provide a boost to equity demand in coming weeks although a flurry of expected equity issuance this fall may provide a partial offset," David Kostin, Goldman's head of U.S. equity strategy, said in a note. Goldman's buyback basket of 50 sector-neutral companies with above-average repurchase activity has historically performed particularly well following the second-quarter earnings season, Goldman said.
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