Cisco Adds $5 Billion to Buyback Authorization

Networking giant Cisco Systems(CSCO Quote) authorized the repurchase of up to $5 billion worth of stock, or about 4.1% of its outstanding shares.

The buyback is an expansion of the company's previously announced $35 billion buyback plan, which began in September 2001. To date, Cisco has repurchased 1.8 billion shares with an estimated value of $32.6 billion under that authorization.

At the stock's current $19.91 a share price, the buyback plan would allow the company to repurchase about 251 million shares. Cisco has roughly 6.1 billion shares outstanding. ...