AUTOMATIC DATA PROCESSING BOUGHT IN 4.8M OF ITS OWN SHARES

Automatic Data Processing Inc is the latest in a long line of US technology companies unable to find a good home for their cash: it has bought in 4.8m of its own shares over the past year, plans to buy up to another 5m, representing 7% of the 74.2m out; at current prices, it would cost $185m and the computer services company says it can see no better home for its money.

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