IBM approves more stock buybacks
IBM says its board had added $5 billion to its stock buyback program, bringing the total buyback authorization to nearly $12 billion.
The computer and consulting company last added to it buyback program in April, in the amount of $7 billion. IBM says that it expects to add more funding to the buyback program next April.
The total buyback authorization is equivalent to 5 percent of the Armonk, N.Y.-based company's outstanding shares.
Buying back shares increases the value of shareholders' existing stakes and can help support a company's per-share earnings.
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