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Verizon

(VZ)

set an 80 million-share buyback program and canceled a previous plan.

The New York phone giant said Thursday that it would buy back the stock over the next two years. The company said the previous program, also for 80 million shares, was to expire next month. The company bought back 32.5 million shares under that plan.

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Verizon has 2.77 billion shares outstanding. The company's stock rose 6 cents Thursday to $37.08.