IBM to repurchase stock
US based tech giant IBM has said in a statement that the company board has approved $4 billion in new funds to repurchase stock.
These new funds are in addition to the $4 billion authorization that the company’s board made in April this year.
IBM is spending all this money to help boost its stock price which has been performing badly when compared to some of their key rivals.
The company added that its board of directors declared a regular quarterly cash dividend of 30 cents per common share, payable December 9, to stockholders of record on November 10.
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