Tags: ibm | buyback | dividend | stock

IBM Adds $15 Billion to Buybacks After Six-Quarter Sales Slump

Tuesday, 29 Oct 2013 01:02 PM

International Business Machines Corp., the world’s largest computer-services firm, added $15 billion to its stock buyback fund.

The board authorized the funding along with its quarterly dividend, according to a statement.

With the addition, the company now has $20.6 billion in its repurchase program, and it will request more next October, it said. IBM’s market value is about $197 billion.

Chief Executive Officer Ginni Rometty is rewarding shareholders who held on as the stock fell 7.4 percent this year through Monday, compared with the 24 percent gain of the Standard & Poor’s 500 Index.

Sales have dropped for six straight quarters, and IBM’s hardware unit reported a loss for the three months that ended in September.

IBM jumped as much as 2.1 percent, the biggest intraday gain since Sept. 11. The shares were up 2 percent to $180.80 at 12:14 p.m. in New York.

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International Business Machines Corp., the world's largest computer-services firm, added $15 billion to its stock buyback fund.
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2013-02-29
Tuesday, 29 Oct 2013 01:02 PM
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