Cisco is certainly not alone in repurchasing stock -- it's been the Wall St. method for a couple of years now. It's kept the market in this lofty position. Stock repurchases usually mean companies aren't using their cash for investments in either R&D or growth (buyouts). So, a large repurchase program, to me, doesn't have any connection with SFOR --- if anything, it makes the case for them doing nothing.

--- But it sure means they have money to burn.