IBM Buy Back Plan
Technology stocks have been among some of the hardest hit in recent months, but IBM’s new plan to buy back $15 billion of its own stock, boosted the market on Tuesday, and sent the tech giant’s stock up nearly 5% in intraday trading. IBM’s stock prices have fluctuated between its 52 week high of $120 set least September, and a low of around $97. Although 2008 has seen choppy trading, the trend for IBM has been upwards recently.
Analysts are expecting the move to add somewhere around $.05 per share with the move, and are expecting earnings of $8.25 per share on the year.
The move helped change the course of the day’s trading, as the market opened lower on bad news regarding consumer prices on energy and food prices from the labor department.
On the year, IBM is up just under 2% per share, and has a P/E ratio of just under 15.
