Hewlett-Packard Co. (NYSE: HPQ) has decided to jump in on the stock buyback bandwagon. Its new share buyback program is for $8 billion in common stock. At current prices, this would represent over 165 million shares of its current and approximately 2.5 billion outstanding shares. This buyback is not a complete chopping off of existing shares to shrink the existing float. The company says that it intends to use this additional plan as part of an ongoing program to manage dilution created by shares issued under its employee stock plans and to repurchase shares opportunistically. It says it bought back $1.6 billion of stock in Q3 and had about $3 billion under its existing $8 billion plan approved in November 2007.
Jon C. Ogg
September 22, 2008
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