IBM board approves $15 billion share buyback
|
|
|
| Posted
:
Tue, 26 Feb 2008 16:37:05 GMT |
| By
:
Reuters |
| Category
:
US (Business) |
| News Alerts by
Email ( click
here ) |
|
US Business News |
Home
|
|
|
|
NEW YORK (Reuters) - IBM said on Tuesday its board has authorized a $15 billion share buyback program that could boost 2008 earnings by 5 cents a share, sending its stock up 3 percent.The news also pushed the overall U.S. stock market higher. International Business Machines Corp, which has a market capitalization of roughly $150 billion, was by far the top driver of the Dow industrials.IBM said it now expects full-year earnings per share of at least $8.25, or 16 percent year-on-year growth. In January, the company had seen 2008 earnings per share at $8.20 to $8.30."IBM's profitable growth and consistently strong cash flow enable the company to continue to return value to our shareholders," Chief Executive Samuel Palmisano said in a statement.The company said it expects to spend up to $12 billion on stock repurchases in 2008, and may buy shares in the open market or in private transactions. It said it expects to use cash from operations for the buybacks.The new $15 billion share buyback authorization program adds to about $400 million remaining at the end of February from a prior authorization, IBM said. IBM said it does not anticipate requesting board approval for additional funds for stock repurchases within the next 12 months.Shares of IBM were up 3.17 percent at $113.25, after hitting an earlier high of $114.03. The Dow Jones Industrial Average <.DJI> was up 0.28 percent, or 34.68 points.(Reporting by Tiffany Wu, editing by Gerald E. McCormick, Phil Berlowitz)
(c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
|
|
|
|
|
|
Related News
Five more US bank failures bring total for 2009 to 120
New York - Bank failures in the United States have risen to 120 this year as five more regional institutions were added to the list, the US agency that guarantees the safety of bank deposits said. United Commercial Bank in San Francisco with assets o...
US stocks climb slightly despite double-digit jobless rate
New York - US stocks posted mild gains Friday to end the week as investors shrugged off government figures that put the unemployment rate above 10 per cent. The Labour Department said the jobless rate hit 10.2 per cent in the month of October, the hi...
US joblessness hits 10.2 per cent, highest in 26 years - Summary
Washington - The US unemployment rate surged to 10.2 per cent in October, the highest in 26 years as another 190,000 people lost their jobs, the Labour Department reported Friday. The figure comes after a 9.8-per-cent jobless rate in September and wa...
US joblessness jumps to 10.2 per cent, highest since 1983 - Update
Washington - The US unemployment rate surged to 10.2 per cent in October, the highest in 26 years, as another 190,000 people lost their jobs during the month, the US reported Friday. The figure reported by US Labour Department came after the 9.8 per ...
US jobless rate jumps to 10.2 per cent
Washington - The US unemployment rate surged to 10.2 per cent in October as another 190,000 people lost their jobs, according to US Labour Department figures released Friday. The jobless rate stood at 9.8 per cent in September. Unemployment had been ...
Bulls stop James, edge Cavs - Summary
Los Angeles - The King couldn't deliver in the clutch. Luol Deng and Joakim Noah combined to deny LeBron James a potential game-winning drive in the final seconds as and the visiting Chicago Bulls snapped the Cleveland Cavaliers' three-game winning...
Mortgage lender Fannie Mae posts nearly 19-billion-dollar loss
Washington - US mortgage lender Fannie Mae said Thursday that it would seek 15 billion dollars in federal aid, after posting its ninth consecutive quarterly loss. Fannie Mae reported a net loss of 18.9 billion dollars in the third quarter of 2009, co...
|
|
|
|
|
|
|
|
