Kodak sets $1 bln stock buyback

Kodak plans to snap up $1B of its own stock - stock jumps
Eastman Kodak Co said on Tuesday it would buy back up to $1 billion of its stock, driving the photography company's share price up nearly 17 percent from historical lows.

While consumers might prefer to spend their tax rebates on sale items at Wal-Mart, Eastman Kodak is using its tax refund to help buy its discounted stock.
The photography company said Tuesday it is planning to buy $1 billion of its stock largely using a $581 million tax refund resulting from paying too much tax from 1993 through 1998. That $1 billion buys more than it used to since Kodak stock is down by two-thirds over the past eight months. Tuesday, the shares rose 14% to $14.03.
Other companies, though, don't seem to be sharing the Kodak (EK) buyback moment even while the broad market has been dropping.
While the number of announced buybacks is the same as it was this time last year, the dollar value is down 40% from year-ago levels, Dealogic says.
Rather than taking advantage of lower stock prices, companies in the Standard & Poor's 500 cut spending on stock buybacks by 3.2% in the first quarter to $113.9 billion, the first decline since the third quarter of 2003, S&P says. "Companies are very defensive," says Richard Peterson at S&P.

Credits: Matt Krantz, USA TODAY

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