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The Associated Press October 25, 2011, 4:37PM ET

IBM to buyback $7B in stock, declares dividend

Technology company International Business Machines Corp. said Tuesday that its board authorized an additional $7 billion for the company's stock repurchase program.

That's on top of about $5.2 billion remaining in a prior buyback program at the end of September.

IBM plans to ask its board for additional repurchase authorization at a board meeting in April.

The company on Tuesday also declared a regular quarterly dividend of 75 cents. It is payable Dec. 10 to shareholders of record as of Nov. 10.

IBM shares closed down $1.89 at $177.60 amid a broad sell-off on Wall Street.

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