I understand why a company may want to buyback their own stock (reducing the number of outstanding shares on the market, which increases the ownership stake of the stakeholders; it thinks its shares are heavily; to invest in itself; to improve its financial ratios, etc).
But I do not fully understand the how they go about doing that. For example, Google announced a $70B stock buyback just a few days ago.
My questions:
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When companies announce stock buybacks, do they normally state what time period/range they are planning to do so? Say, between May 1 to Sep 1.
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Within that date range, do they have a scheduled plan on what days they will be buying back and how much they will be buying on those days? For example, they are planning to spend $500m on May 12 for buybacks. Or do they just wait and see what the market does and play it that way (of course, assuming there are analysts who look at market patterns, charting, etc).
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Do they hire third parties such as Goldman Sachs, Morgan Stanley, etc to execute something like this for them or do they do it in-house?
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