HP TO BUY BACK $8,000,000,000.00 WORTH OF STOCKS

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HP TO BUY BACK $8,000,000,000.00 WORTH OF STOCKS

 user 2008-09-23 at 10:58:18 am Views: 33
  • #20526
    Microsoft, HP announce stock buybacks
    board approves plan for another $40 billion in share repurchase and
    raised its quarterly dividend by 18%; HP approves $8 billion stock

    Microsoft announced Monday that it was planning to buy back an
    additional $40 billion worth of shares and fellow tech giant HP
    followed with a proposal to repurchase $8 billion worth of stock.

    said its board of directors approved the $40 billion buyback plan,
    after having just completed its previous $40 billion stock repurchase
    program.Also, Microsoft hiked its quarterly dividend by 18% to 13 cents
    per share, which translates into a 2-cent-per-share increase over the
    prior quarter. Based on this increased quarterly payout, Microsoft’s
    stock now has a dividend yield of about 2.1%.

    Microsoft stock rose about 4% at the start of trading.
    HP said its board of directors approved $8 billion worth of stock
    repurchases. This is in addition to $1.6 billion worth of shares that
    the company bought back in its fiscal third quarter.

    HP stock was flat at the open.
    Hogan, chief market strategist for the investment bank Jefferies, said
    that any companies – and not just tech firms – with a lot of cash on
    hand are likely to consider buying back shares to increase their own
    value, given the recent turmoil on Wall Street.”I think we’re going to
    see a lot of buybacks, not just in the tech sector, but with a lot of
    other companies,” said Hogan.Investors usually cheer stock buybacks
    because they reduce the number of shares a company has outstanding.
    That tends to lead to an increase in earnings per share