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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: waverider who wrote (104689)	9/13/2001 9:09:05 PM
From: Ibexx	Respond to of 152472

DH and all, I apologize for sharing some POSITIVE market news at a time like this: Cisco Sets $3 Billion Share Buyback Sep 13 8:15pm ET SAN JOSE, Calif. (Reuters) - Cisco Systems Inc. said on Thursday its board authorized a stock repurchase program of up to $3 billion over the next two years, as the world's biggest maker of computer-networking equipment seeks to bolster investor confidence in its sagging stock. Based on Cisco's closing share price on Monday of $14.47, the $3 billion amounts to 207.3 million shares, or about 2.8 percent of Cisco's 7.3 billion shares outstanding. "If you look at the current valuation we don't think it reflects the long-term value of the company," Larry Carter, Cisco's chief financial officer, said in an interview. "We think it's the right thing to do now for our shareholders." Cisco stock has tumbled from $63.88 almost a year ago as global economies have slowed and spending by telecommunications companies has dried up because of earlier overinvestment. Cisco had been contemplating a buyback for some time, Carter said, noting that the company ended its fiscal fourth-quarter with cash and short-term investments totaling $18.5 billion. "We do have tremendous confidence in our financial systems and in our industry," Carter said. U.S. stock markets have been closed since terrorists hijacked four commercial jetliners on Monday, two of which were flown into the twin World Trade Center towers and one into the Pentagon. The fourth crashed in Pennsylvania. ,b>The two towers collapsed, almost certainly killing thousands, and the complex of buildings around them, are considered Ground Zero for professional money management in the United States. The program is effective immediately, the San Jose, California-based company said in a statement. Cisco said it may repurchase stock under the program from time to time, in the open market, through block trades or otherwise, depending on market conditions and other factors.