IBM did its bit for Uncle Sam and Wall Street by announcing that it planned to spend $1,000m buying in its own shares – it filed a shelf registration to raise the same amount of cash only the other day: since it has already spent over $2,000m on its own shares over the past couple of years, the new buy-in is nothing special – there are four Wall Street brokerage houses that would have much preferred to have it offer to buy their British Petroleum shares – but the news was good for $3.375 on the IBM share price to $115.375 at lunchtime.
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