Qwest OKs $2 Billion Buyback

The amount represents about 12% of equity cap.
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Qwest Communications' (Q) board approved a stock repurchase program for up to $2 billion of its common stock over the next two years.

"We are pleased to announce our shareholder return program with this meaningful repurchase plan, which represents approximately 12% of the company's equity capitalization. The Board's decision continues our disciplined approach to deliver outstanding shareholder value," said Richard C. Notebaert, Qwest chairman and CEO.

About 1.9 billion shares of Qwest common stock are outstanding.

Shares of Qwest were recently up 11 cents, or 1.2% to $8.81 in after-hours trading.