IBM Again Expands Buyback Plan - TheStreet

IBM Again Expands Buyback Plan

Big Blue adds another $3.5 billion to an ongoing stock-repurchase program.
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IBM

(IBM) - Get Report

said its board authorized another $3.5 billion share buyback Tuesday, the second this year.

The stock has been trading in the mid-90s, off a 52-week high of 139 3/16. It was up 1 7/8, or 2%, Tuesday. The company plans to buy back stock on occasion on the open market.

At the current price, the buyback would garner around 36.5 million of the more than 1.2 billion shares outstanding.

The company has been buying back stock, typically in $3.5 billion increments, since 1995, a spokesman said. He said the price, which fell last week after the company warned earnings will suffer until early next year, was not a factor.