Feeds

HP spends $1.3bn on its own shares

'Attractive investment'

  • alert
  • submit to reddit

Combat fraud and increase customer satisfaction

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

3 Big data security analytics techniques

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
Sorry London, Europe's top tech city is Munich
New 'Atlas of ICT Activity' finds innovation isn't happening at Silicon Roundabout
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.