Chaparral Steel Company (NDAQ:CHAP)
8K Filing by the Company
Chaparral Steel announced today in an 8K filing with the SEC that it would begin a $0.10/share dividend and institute a $100 million share buyback program. In the associated press release, the company attributed this to strong cash flows and a confidence in the company's future prospects. Share buyback programs often times indicate a strong confidence in the company, while dividends are a great way to return some profits to the shareholders if it can't be better spent on internal projects.

Large Jacuzzi Brands, Inc. (NYSE:JJZ)
13D/A Filing by Southeastern Asset Management
Southeastern Asset Management revealed in an amended 13D filing with the SEC today that they strongly oppose the buyout deal recently put on the table by JJZ. According to the filing: "Our initial reaction to today's announcement is that we vehemently oppose this transaction, because the $12.50 price is completely insufficient. The Board began a process of exploring options at an inopportune time, when the results of the Bath division were far below what it's capable of producing." If higher terms are sought, it could lead to either a greater buyout premium or a breakup of the negotiations.

Phelps Dodge Corp (NYSE:PD)
13D/A Filing by Atticus Capital
Atticus Capital disclosed today, in an amended 13D filing with the SEC, a 9.97% stake in the company. The fund also revealed that it may have located a suitor for the company, stating: "The Reporting Persons and an investment bank have recently met with several potential investors, including private equity firms and strategic buyers, to discuss each firm’s possible interest in pursuing an acquisition of the Company." If the company accepts the funds proposals, it could mean significant upside in the event of a buyout offer.