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Reuters: Red Hat sets buyback program

Sep 18, 2001, 07:39 (2 Talkback[s])
"Red Hat Inc. , best known as a distributor of Linux operating system, on Monday said it had set a buyback plan, effective immediately, of up to 10 percent of its outstanding common shares over the next year.

Red Hat joins dozens of U.S. companies initiating or increasing repurchase programs in the aftermath of last week's attacks in New York and Washington. The company's shares were off 19 cents, or 6.1 percent, at $2.93. Earlier, it set a fresh year low at $2.40.

Buybacks were triggered Monday in an effort to buoy stock prices as trading resumes following the attacks that destroyed the World Trade Center's twin towers and damaged the Pentagon, leaving thousands dead or missing."

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