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To: MythMan who wrote (6422)	10/28/1997 11:32:00 AM
From: Joseph G.	Read Replies (3) of 18056

Just like 1929 all over again: <<Tuesday October 28 10:49 AM EST IBM allocates $3.5 billion for share buybacks ARMONK, N.Y., Oct 28 (Reuters) - International Business Machines Corp. (IBM) said on Tuesday it had allocated another $3.5 billion to its budget for buying back its own stock. IBM, which spent about $1.6 billion in the third quarter on share repurchases, said it would use the funds to buy back shares on the open market, depending on market conditions. IBM also declared an unchanged quarterly dividend of $0.20 per share. IBM has aggressively pursued share repurchases as a method of raising its earnings per share, buying back a total of about $16 billion of stock since January 1995. IBM shares were up 7-1/2 to 97-3/8 in morning trading, bouncing off a low of 88-5/8 set early in the session. The shares fell precipitously in recent sessions in tandem with the global decline in equities prices. They still stand well off their year high of 109-7/16. >>

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