IBM approves $5B stock buyback and says it plans to request more repurchase funds in April

StocksAssociated Press

IBM has authorized the repurchase of another $5 billion of its own stock.

With the latest approval announced Tuesday, IBM has authorized the repurchase of as much as $6.4 billion in stock. The Armonk, New York, company said it would seek funds for the repurchase of more stock at its April 2015 board meeting.

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International Business Machines Corp. had 998 million shares on the market during the third quarter, and its shares are down 11 percent since Oct. 17. The company reported disappointing third-quarter results on Oct. 20, the next trading day. In April the stock set an all-time high of $199.21.

IBM shares rose 39 cents to $162.26 in afternoon trading.