With all of the negative sentiment created by GTW and MUEI, I think it only fair that we hear what the world leader in computers has to say:
11:26 ET Compaq (CPQ) 23.91 +2.41 (+11.2%): -- Update -- Dow Jones reporting that PC maker's CEO is describing Thanksgiving sales as "robust."
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Compaq To Repurchase $1B in Shares
HOUSTON (AP) - Compaq Computer Corp. directors on Friday authorized the company to repurchase up to $1 billion shares.
The world's largest computing systems company said it will time its periodic purchases based on market conditions. A previously announced systematic repurchase program, ongoing since 1998, has been suspended while the new program takes effect.
``At current price levels, we believe Compaq's stock offers a tremendous investment opportunity for the company,'' said Michael Capellas, Compaq chairman and chief executive officer.
The Houston-based company's share price, which had topped $30 headed into November, plunged into the low $20s by month's end as stocks across the technology sector suffered. Worries that inventory was backing up, which Compaq denies, also hurt its share value.
After the repurchase plan was announced Friday morning, shares in Compaq on the New York Stock Exchange (news - web sites) were up $2.15, or 10 percent, to $23.65, in afternoon trading. |
