IT research firm Gartner says it will repurchase up to $500 million outstanding sharesBy AP
Tuesday, August 10, 2010
Gartner plans to buy back up to $500M in shares
STAMFORD, Conn. — Information technology research firm Gartner Inc. plans to buy back up to $500 million of its common stock under a newly authorized repurchase plan.
The company said Tuesday it will use cash and possibly debt to pay for the stock. The buyback will boost per-share earnings results and expand the percentage stakes of current stockholders.
Gartner stock hit a new high in Tuesday trading after the firm posted better-than-expected second-quarter results.
In afternoon trading, Gartner shares added $2.43, or 9.5 percent, to $27.99 after earlier topping out at $28.58.