Reuters: Red Hat sets buyback program
Sep 18, 2001, 07:39 (2 Talkback[s])
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"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."