P.M. BRIEFING : Intel Board OKs Stock Buyback
<i> From Times wire services</i>
SANTA CLARA, Calif. — Directors of Intel Corp. have authorized the repurchase of up to 20 million shares of common stock, the semiconductor manufacturer said today.
The buyback program represents about 10% of Intel’s 204 million common shares and equivalents outstanding June 30.
Intel’s stock has dropped steadily since Aug. 1, when it traded for $44.50 a share. The stock was up $2.125, at $34.25 a share, in midday trading today.
Intel Chairman Gordon Moore said the board authorized the repurchase, on the open market or in negotiated transactions, after a review of Intel’s financial position and investment alternatives.
