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06-03-2011, 04:42 PM #1
Wal-Mart Announces $15 BILLION Stock Buyback
June 3, 2011, 9:55 AM ET.
Wal-Mart Announces $15 Billion Stock Buyback
By Shira Ovide
In a big splash at its annual meeting, Wal-Mart announced a $15 billion stock buy back.
Zuma Press
UPDATE: The announcement, reported earlier by CNBC, is helping make Wal-Mart one of just two Dow 30 components in positive stock territory today. (The other is J.P. Morgan.) Wal-Mart is barely in the red, up 7 cents to $53.62 in recent trading.
A year ago, the world’s largest company also approved a $15 billion stock buyback program. According to the retailer’s annual report, it repurchased about $14.8 billion worth of its own stock in the year ended Jan. 31, 2011.
As our corporate cousins at Barron’s recently noted, Wal-Mart’s earnings per share have gotten a lift from a heady stream of repurchases of Wal-Mart’s own stock. Of course, Wal-Mart could use a lift by any means necessary. The retailer has been posting persistent declines in its U.S. store sales.
Wal-Mart Financial Chief Charles Holley is crowing at the annual meeting about the company’s improved earnings per share in the last fiscal year. No mention of the earnings boost from the buybacks.
Also, actor Will Smith is enthusiastically emcee-ing the Wal-Mart annual meeting. He’s rocking a stylish purple sweater and tie. Check out the Webcast.
http://blogs.wsj.com/deals/2011/06/03/w ... k-buyback/NO AMNESTY
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