National Oilwell Shares Skid After Announced Buyback

National Oilwell Varco Inc. shares skidded after the oil-field equipment maker said it was initiating a large share buyback. Shares of National Oilwell, which had been halted for about 45 minutes prior to the release, declined 3.2% to $75.61 in recent activity. The company said its board had authorized the purchase of up to $3 billion in outstanding shares. Shares had been halted at $77.25 before the news was released, about 1.1% off its previous session's close.