"Simply repurchasing shares to hold in a treasury for future use does nothing long term for the share price."

Begging your pardon, but stock bought back and held in inventory does ultimately increase the value of the stock - if the PPS rises.  Otherwise it's a wash, or a loss if the PPS drops.  Stock in inventory is money in the bank.  If the stock appreciates more than could have been made by investing the same money in other ways, it's a good investment, and will ultimately increase the value of the company.  Then throw in the intrinsic value of the fact the company has bought back stock - displaying confidence that their stock IS a better investment than alternatives.

JMHO,

SGE