IBM Boosts Buyback Program By $5 Billion

IBM this morning announced that its board has increased its stock repurchase program by $5 billion,  boosting the total current authorization to $11.7 billion. The company said it expects to request additional repurchase authorization at the April 2013 board meeting.

“Our strategy to deliver high value solutions drives profit, earnings per share and cash growth. We have achieved outstanding shareholder returns over the last decade and we are positioned well for the future," CEO Virgnia Rometty said in a statement.

IBM has a market cap of $218.4 billion.