IBM may buy back additional $5B in stock

ARMONK, N.Y. (AP) ? IBM says its board had added $5 billion to its stock buyback program, bringing the total buyback authorization to $11.7 billion.

The computer and consulting company last added to it buyback program in April, in the amount of $7 billion. IBM Corp. said Tuesday 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., company's outstanding shares.

Buying back shares increases the value of shareholders' existing stakes and can help support a company's per-share earnings.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/495d344a0d10421e9baa8ee77029cfbd/Article_2012-10-30-US-IBM-Buyback/id-9ffe59a946954b378dcf25a7028794ac

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