IBM to buy back $15 billion in stock
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- February
- 26
The board of directors of Armonk-based IBM Corp. today authorized an additional $15 billion to buy back shares of the company’s stock. The sum adds to the $400 million left at the end of February from a previous authorization. IBM plans to spend up to $12 billion of the money on stock buybacks this year.
The new stock repurchase authorization follows a $15 billion authorization last April, the biggest in IBM’s history.
Today, as it did after last year’s announcement, IBM’s stock rose as investors looked forward to higher earnings per share thanks to spreading profit over fewer outstanding shares.
As of 1:21 p.m., IBM shares were trading at $114.93 on the New York Stock Exchange, up $4.85, or 4.41 percent.
This entry was posted
on Tuesday, February 26th, 2008 at 1:48 pm by Julie Moran Alterio.
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Category: Corporate doings, Stock market movers
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