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Monday September 17, 12:42 pm Eastern Time
Compaq to resume its stock repurchase program
HOUSTON, Sept 17 (Reuters) - Compaq Computer Corp. (NYSE:CPQ - news) on Monday said its board of directors would resume its $1 billion common stock repurchase program, of which $550 million remains.
The repurchase program was authorized by Compaq's Board of Directors in December 2000 and suspended due to the Houston-based company's merger discussions with computer and printer maker Hewlett-Packard Co. (NYSE:HWP - news).
``At current price levels, we believe Compaq's stock offers a tremendous investment opportunity for the company,'' Michael Capellas, chairman and chief executive of the Houston-based computer maker, said in a statement.
``We are confident in the future of the American economy and the strong position that the combination of Hewlett-Packard and Compaq will hold,'' Capellas said.
Compaq shares were off $1.39, or 13.4 percent, at $8.94 in early afternoon trade on the New York Stock Exchange |
