Cisco (NASDAQ:CSCO) has announced an additional $10 billion in new buybacks as part of its ongoing stock repurchase plan. The company had previously authorized $72 billion in buybacks, and from September 2001 through October 30 of this year, Cisco has bought back $67.5 million in stock. There is no fixed termination date for the program, which now has $14.5 billion in buyback authorization remaining.
Cisco shares are trading higher in the pre-market Friday.
CSCO is the fourth-largest holding, at 9.64%, in the Internet Architecture HOLDRS (IAH). IBM (NYSE:IBM) is the top stock in the fund, at 34.85% of the portfolio, followed by Apple (NASDAQ:AAPL) at 22.90% and Hewlett-Packard (NYSE:HPQ) accounts for another 17.32% of the fund.
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