Results 1 to 1 of 1
Thread Information
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)
-
08-30-2010, 03:12 PM #1
HP authorizes $10 BILLION share buyback
HP authorizes $10 BILLION share buyback
PALO ALTO, California (AP) — Hewlett-Packard said Monday its board has authorized the repurchase of $10 billion in shares.
The announcement comes as the personal computer maker is involved in a bidding contest with rival Dell for the data storage company 3Par (PAR).
HP (HP), which is based in Palo Alto, California, said it plans to use the share buyback authorization to manage share dilution from employee stock plans and to buy back shares opportunistically.
Hewlett-Packard had $4.9 billion left under its current $8 billion repurchase plan at the end of July.
On Friday, HP raised its offer for 3Par to $30 a share, or $1.88 billion, and 3Par later threw its support for that offer. Dell is considering raising its offer of $27 a share.
Dell, based in Round Rock, Texas, has the right to match any higher bid and have its offer take precedence within three business days starting on Monday, Dell spokesman David Frink said Saturday.
The acquisition of the Fremont, California, company would help both HP and Dell beef up their "cloud computing" businesses, delivering software, data storage and other services to customers over the Internet. 3Par has technology that doles out storage space on the fly and that would help keep data storage costs down.
They are looking for ways to replace profits lost in the PC business, which is shrinking due to lower prices and higher parts costs.
At the end of last quarter, HP had $14.7 billion in cash and short-term investments. It has 2.3 billion in outstanding shares.
http://www.usatoday.com/money/industrie ... back_N.htmNO AMNESTY
Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.
Sign in and post comments here.
Please support our fight against illegal immigration by joining ALIPAC's email alerts here https://eepurl.com/cktGTn
Twitter just suspended Ad account on X
04-19-2024, 05:54 PM in illegal immigration Announcements