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PowerShares Capital Management launched three new exchange-traded funds on the American Stock Exchange Wednesday, including one, PowerShares Buyback Achievers Portfolio(PKW Quote), that plays on the dramatic rise in stock buybacks.
Stock-buybacks occur when a company repurchases its shares on the open market. This tends to boost stock prices by reducing the number of shares outstanding and increasing earnings per share.
Activity has really heated up over the last couple of years as companies are increasingly turning to buybacks over other methods of returning value to shareholders, such as paying out dividends. ...
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