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Special Report
Buyback Watch: KLA, Flutter, and Grab Move Fast as Their Stocks SwingAuthored by Leo Miller. Originally Published: 3/31/2026. 
Key Points
- KLA has surged due to chip shortages, and the company just increased its buyback capacity in a big way.
- As prediction market fears hit FLUT, analysts are indicating that a huge recovery may be ahead.
- Regulatory issues are rattling GRAB, and the company now clearly sees value in its stock.
- Special Report: “This AI Giant is About to Go Bust”
Despite very different recent performances, big names across semiconductors, entertainment, and e-commerce are signaling confidence in their outlooks with fresh share buyback announcements. That includes two beaten-down stocks planning to spend hundreds of millions on repurchases in a short period — a sign these companies see opportunity in their shares near current levels. Semi-Equipment Giant KLA Ups Buyback Capacity to $11 BillionKLA (NASDAQ: KLAC) has been one of the market’s biggest large-cap winners recently, with shares up more than 100% over the past 52 weeks. The firm is one of the world’s leading providers of semiconductor manufacturing equipment.
With supply of leading-edge wafers and high-bandwidth memory constrained, equipment providers like KLA are likely to see strong demand ahead. After posting 7% year-over-year (YOY) growth last quarter, KLA’s guidance implies an acceleration to 9% growth next quarter. Wall Street currently forecasts KLA’s revenue growth to accelerate in each of the next five quarters. Adding to its positive outlook, KLA recently announced a $7 billion share repurchase plan. Shares are off more than 10% from their 52-week high, and the company may view the market as having overreacted to its last earnings report — shares plunged 15% the next day. That likely creates what KLA sees as an opportunity to repurchase shares despite the stock’s strong longer-term performance. This authorization adds to the company’s unused $3.94 billion in buyback capacity, bringing total capacity to just under $11 billion — roughly 5.8% of its approximately $190 billion market capitalization, giving KLA considerable firepower to repurchase stock. Down +50%, FLUT Announces 10-Week Buyback PlanOn the other end, shares of Flutter Entertainment (NYSE: FLUT) have slumped more than 55% over the past 52 weeks. Flutter operates FanDuel, which — depending on the metric used — ranks first or second in U.S. online sports-betting market share, competing closely with DraftKings (NASDAQ: DKNG). The emergence of prediction markets in 2025 is widely viewed as a potential threat to Flutter’s traditional online sports-betting business. In its last earnings report, Flutter said it did not believe prediction markets were having a material impact on its business, but it also warned that handle (betting volume) growth was moderating. That raised concern that prediction markets may be drawing bettors to other platforms. The company missed sales and adjusted EPS estimates by a wide margin, and the stock fell nearly 14% after the report. Still, Flutter says it remains confident in its outlook and is expanding its own prediction-markets offering. Demonstrating that confidence, the firm launched a $250 million share repurchase arrangement. That amount is about 1.4% of the firm’s roughly $17.5 billion market capitalization, and the company plans to execute the program over just 10 weeks — a pace that suggests Flutter wants to act quickly to take advantage of current prices. GRAB Sees “Dislocation” in Shares, Announces $400 Million BuybackGrab (NASDAQ: GRAB) is a dominant ride-hailing and food-delivery platform in Southeast Asia. Its share of the region’s food-delivery market rose to 55% in 2025, up from 53.8% in 2024. Despite that scale, Grab is down more than 20% over the past year and over 40% from its 52-week high. Regulatory pressures have been a recent headwind. Reports indicate Indonesia — one of Grab’s largest markets — could adopt measures that would significantly hurt the business, including cutting the maximum commission Grab can charge on rides from 20% to 10%. Grab warned that "if adopted, any such changes would increase our costs, reduce our margins, and diminish our operational flexibility." Despite these risks, Grab’s guidance points to a strong year ahead: the company projects 20% to 22% revenue growth in 2026 and expects adjusted EBITDA to rise by 40% to 44%. Grab plans to deploy $400 million of buybacks over the next four months — about 2.7% of its roughly $14.6 billion market cap. Of that, $250 million will be used for an accelerated repurchase program, underscoring the company’s intent to repurchase stock near current levels. In its buyback announcement, Grab said, “We view the current share price dislocation as a clear opportunity to enhance shareholder value." Could Regulators Help Turn FLUT’s Fortunes?KLAC, FLUT, and GRAB are all using buybacks to signal confidence to shareholders. Flutter is especially interesting given recent regulatory developments: the Senate has introduced a bill to ban sports betting on prediction markets, which would directly affect the competitive landscape. The MarketBeat consensus price target on FLUT sits near $227, implying more than 100% upside. However, analysts that updated targets after the company’s last earnings report are notably lower — near $183 — which still implies roughly 80% upside from current levels. |
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