Verizon Adds to Buyback

It wants to buy back 100 million shares.
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Verizon's (VZ) - Get Report got a new stock buyback plan.

The New York phone giant says it has replaced its current 100 million-share repurchase effort with a new 100 million-share buyback program. The new three-year plan, if valued at Thursday's stock price, would cost the company $3.7 billion.

Under its previous plan, Verizon had repurchased 57 million shares. The old buyback program was set to expire a year from now. The company has 2.9 billion shares outstanding.

The stock was up 30 cents to $37.40 in after-hours trading Thursday.