The smaller companies that *are* doing it and *doing it succesfully* are probably not very volatile though.
>several reasons to repurchase that aren't directly manipulation, and one good reason is if you feel your stock is under valued.
Doing a buyback to effect this is manipulation though. If you are likely at that point, your company is probably pretty stagnant. If you are a smaller company, it's probably better to put that money into diversifying for the ling term.