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HP Board Authorizes Addl. $10 Bln Share Buybacks - Quick Facts

(RTTNews) - Hewlett-Packard Co. or HP's (HPQ) board has approved the authorization of an additional $10 billion for share repurchases. The company plans to use the additional authorization as part of its ongoing program to manage the dilution created by shares issued under employee stock plans and to buy back shares opportunistically.

Cathie Lesjak, HP finance chief and interim chief executive said, "We plan to be active in repurchasing our shares, and we expect to repurchase at least $3 billion worth of our shares in our fiscal fourth quarter at current price levels. This increased authorization will ensure that we have sufficient capacity to continue to be active in repurchasing our shares prior to our fiscal fourth quarter earnings announcement in November."

HP bought back about $2.6 billion worth of its shares in its fiscal third quarter and, as of July 31, 2010, had around $4.9 billion of repurchase authorization remaining under the $8.0 billion buyback authorization approved by the board in November 2009.