PALO ALTO, Calif. (Dow Jones News) -- Hewlett-Packard Co.'s board has authorized the repurchase of up to $2 billion of the computer company's stock.
Half of the amount, $1 billion, is for its systematic share-repurchase program, which is designed to offset the dilution associated with employee stock plans, the company said Friday.Hewlett-Packard also approved an additional $1 billion for the repurchase of its common stock on the open market or in private transactions.
The company said about $700 million remains from earlier authorizations for the systematic share-repurchase program.
About $750 million remains from an earlier authorization for purchases made in the open market or private transactions. Those authorizations are in addition to the systematic share-repurchase program.
As of Oct. 31, Hewlett-Packard had about 1.05 billion shares outstanding.
New York Stock Exchange-listed shares of the company closed Friday at $93.621/2, down $1.