Coronavirus will probably destroy one of the stock market's biggest crutches

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With household name companies like Delta Air Lines, Intel and others in search of cash as the U.S. economy grinds to a complete stop amid the pandemic, numerous executives are likely wondering why they spent so lavishly to prop up their stock price by way of the mighty buyback from 2017 to 2019. Was it really worth it in hindsight to use any weakness in the market for one’s stock to call up bankers and put a bid into buy said stock into the closing bell?

The resounding answer is probably hell no, especially as stock prices have cratered from their record highs inside of two months and it’s anyone’s guess when the global economy will rebound with vigor. That cash could have been used today to keep nervous workers on the payrolls during the height of the coronavirus, buy a wounded competitor to ignite strong post recession growth or support more aggressively the coronavirus relief effort.