AOL (NYSE:AOL) said today its board of directors has approved a $250 million stock repurchase program.
The buyback program went into effect yesterday, and will continue over the next 12 months.
CEO Tim Armstrong said his company believes the stock repurchase makes sense for AOL and its shareholders as it continues to execute its strategy, and has confidence in its growth prospects.
Also today, Covidien (NYSE:COV) announced a share buyback program worth $2 billion.
The producer of medical devices, pharmaceuticals and medical supplies said it will make the repurchases from time to time, depending on market conditions.
In its announcement, Covidien noted it returned more than $1 billion to shareholders via dividends and repurchases in the year ending June 2011.
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