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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Chi-X who wrote (9933)	10/28/1997 9:42:00 PM
From: akidron	Respond to of 70976

The intel buyback was already in place. what happened today was that someone decided (and then told cnbc)that intel would use the weakness in its stockprice to fullfil the already approved amount more quickly. in a market where everybody was scrambling for good news to hang a recovery on 2 + 2 made rather more than 4. SAN FRANCISCO, Oct 28 (Reuters) - Intel Corp said that it has no current plans to increase its ongoing share buyback program. An Intel spokesman based in Santa Clara, Calif. said that the company still has in excess of 70 million shares as of the end of its third quarter, available for repurchase as part of its ongoing share buyback plan. ''We have no pending plan to do anything to increase the share buyback program,'' said Intel spokesman Tom Waldrop. Earlier, reports that Intel was planning a major stock buyback contributed to a 10-1/4 jump in its shares to 85. Intel said that in the first quarter of 1997, it repurchased 7.7 million shares, in the second quarter it repurchased 13.0 million, and in the third quarter it bought back 2.5 million. For the year-to-date, Intel's stock purchases totalled $2.4 billion, for 23.2 million shares. Earlier Tuesday, International Business Machines Corp (IBM) announced another $3.5 billion stock buyback, which many traders cited as fueling a major stock market rally in the Dow, which ended up about 337. The news was a boon to the market, one day after the worst single point drop in the Dow. Intel's shares ended up 10-1/4 to 85.