Stock buybacks rise for 8th consecutive quarter

AP News
Posted: Sep 20, 2011 11:14 AM
Stock buybacks rise for 8th consecutive quarter

America's biggest corporations continue to spend more money on stock repurchases, with buybacks up 41 percent in the second quarter compared with a year ago.

Standard & Poor's on Tuesday said stock repurchases by companies in the S&P 500 index totaled $109 billion in the April-June period. That's up from nearly $78 billion in last year's second quarter. Buybacks also rose compared with this year's first quarter, when the total was nearly $90 billion.

Stock repurchases have now risen eight quarters in a row.

Information technology companies continue to be the most aggressive at buying back stock, accounting for more than one-fifth of all buybacks in the latest quarter. The company with the biggest buyback total in the second quarter was energy heavyweight Exxon Mobil Corp. with $5.5 billion.