IBM Stock Buyback Spurs Market


A little before 11am EST IBM (IBM) announced that its board had authorized a $15 billion share buyback and that it plans buy back about $12 billion in stock in 2008.

The announcement led to a jump in IBM stock (IBM Intraday Chart) and the entire market (S&P Intraday Chart).

Disclosure: Top Gun has no position in IBM (IBM) shares.

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