I thought it would be interesting to check on the progress of Amazon's (AMZN) (frequently hyped) Stock Repurchase Program(s).

In August 2006, the Board of Directors authorized a 24-month program to repurchase up to an aggregate of $500 million of Amazon common stock from which they repurchased 8.2 million shares for $252 million in 2006 and 6.3 million shares for $248 million in Q1 2007.

Here's what investors can expect to hear during Amazon's (AMZN) 2nd quarter conference call next week:

1.  Low prices caused margins to be low.
2. Q&A will have 793 occurrences of "you know" from Szkutak.
3. Increased product mix caused margins to be low.
4. No comment about tax litigation.
5. Low prices caused margins to be low.
6. Very secretive about Kindle unit sales but listeners are told it's a huge success.
7. Goal is to satisfy customers as a "customer-centric firm".
8. Low prices caused margins to be low.
9. Bezos wakes-up just prior to last question.
10. Amazon Prime caused margins to be low.

Using Amazon's own midpoint guidance, we should expect second quarter operating margins to come in around 3.52%. This means Amazon's margins are eroding even further.