HP plans to use $2.9 bln in FY05 to buy back stock
Tue Dec 7, 2004 08:56 AM ET SAN FRANCISCO, Dec 7 (Reuters) - Hewlett-Packard Co.(HPQ.N: Quote, Profile, Research) , the world's No. 2 computer maker, plans to use the remaining $2.9 billion in its authorized stock buy back plan to repurchase its common shares, the company's chief financial officer said on Tuesday.
"We fundamentally plan" to use the remaining funds allocated for its buy back program in its fiscal 2005, Bob Wayman, HP's CFO, told analysts at the company's annual financial analyst meeting, held this year in Boston.
Stock repurchases, however, Wayman said, would depend on the Palo Alto, California-based company's share price, repatriation of cash held overseas, and other factors.
**Can't see fit to spend it on CAPITAL EQUIPMENT? Need to lessen outstanding shares to meet earnings estimates? Or fund gross stock option giveaways?
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