Feeds

HP spends $1.3bn on its own shares

'Attractive investment'

  • alert
  • submit to reddit

Beginner's guide to SSL certificates

Ink giant HP has spent $1.3bn on buying its own shares. The accelerated share repurchase scheme was carried out through Merrill Lynch - in effect HP buys the shares now and the investment bank buys them from the open market over the next few months.

HP's board of directors has set aside another $3bn "repurchase shares opportunistically". It xpects to spend $2.1bn on its own shares in the fourth quarter, representing four per cent of total outstanding shares.

Carly Fiorina, HP chairman and chief executive, said: "HP has accelerated its share repurchases in recent quarters and today's announcement signals our intent to aggressively repurchase shares in the immediate future. We believe that at current price levels, HP shares represent an attractive investment,"

HP previously spent $8.1bn buying back its shares between November 1998 and October 2000. HP shares peaked at over $60 in early 2000 before falling to less than $20 by mid-200, they are currently trading at $18.60, up nearly three per cent on the day. The press release is here. ®

Related stories

HP's order system chaos to continue throughout August
HP: The Adaptive Enterprise that can't adapt
HP shares tumble on weak Q3

Beginner's guide to SSL certificates

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
In the next four weeks, 100 people will decide the future of the web
While America tucks into Thanksgiving turkey, the world will be taking over the net
Microsoft EU warns: If you have ties to the US, Feds can get your data
European corps can't afford to get complacent while American Big Biz battles Uncle Sam
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.