This morning, Waste Management declared a quarterly cash dividend of 24 cents per share and authorized an additional $300 million in stock buyback. This dividend is payable to investors on record before December 3. In the first 10 months of 2007, WMI has repurchased roughly $1.15 billion of its stock, or more than 32 million shares.

Technically, WMI is not the best performer, and it has lost the support of the 35 level. While put open interest (and call open interest) on WMI is not massive, the 35 level is the site of peak put open interest in the November and December option series. This accumulation of bearish bets could have provided some extra support, but it was not to be. Not only is the stock struggling, but it is also subject to some optimistic sentiment from the analyst community. According to Zacks, WMI receives 4 strong buys, 2 buys, and 1 hold. Any downgrades from this group could push the stock lower, and downside pressure isn't what WMI needs right now.