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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.