Nike approves $8 billion buyback program

Nike approves $8 billion buyback program
September 20, 2012 - 10:55 AMT

PanARMENIAN.Net - Nike Inc is beefing up its capacity to use its cash to purchase its own shares, with the board of the world's largest sportswear maker approving an $8 billion buyback program, Reuters reported.

The new $8 billion four-year repurchase program for Nike's class B stock will follow the company's current $5 billion buyback plan once that program is completed during the second quarter of fiscal 2013, Nike said on Wednesday, Sept 19.

"Over the past 10 years, Nike has returned $10 billion to shareholders through the repurchase of more than 167 million shares," Chief Executive Mark Parker said in a statement, adding that share buybacks are a prudent use of Nike's cash.

Nike has a market value of $44 billion based on its closing share price Wednesday of $97.66 and its 453.87 million shares outstanding.

Another U.S. company, CVS Caremark, also announced a big $6 billion share buyback program.

Partner news
 Top stories
Armenian Public Council advises to rehabilitate ArmaviaArmenian Public Council advises to rehabilitate Armavia
“It’s a pity that instead of operating flights, airplanes with Armenian flags stand idle under the sun,” Ghazaryan said.
Gazprom seeks 100% stake in ArmRusgaspromGazprom seeks 100% stake in ArmRusgasprom
The issue was discussed by Gazprom chief Alexey Miller and Armenian Minister of Energy and Natural Resources Armen Movsisyan.
PSRC to discuss lowering water price at June 21 sittingPSRC to discuss lowering water price at June 21 sitting
On Feb 23, 2012, Yerevan Jur CJSC issued application for decreasing water prices from current AMD 174,059 to AMD 166,044 per cubic meter.
KfW Development Bank to assist SMEs in ArmeniaKfW Development Bank to assist SMEs in Armenia
Finance Minister David Sargsyan met with the regional director of KfW German Development Bank Lars Oermann.
Partner news
 Articles
EFSE funding for agricultural sector keeps growing

This is even more significant as the EFSE gives PLIs full flexibility in using MSE credit line funds across economic sectors.

 Most popular in the section
CBA: measures taken to de-dollarize Armenian economy
CBA forecasts 1% decrease in economic growth
Russia hails Armenia’s efforts for Customs Union integration – FM
CBA, EFSE, European Banking Center to sign MoA
Home
All news
Overview: Economy
Archive for September 20, 2012
Other news in this section
 Latest news
Turkish police detain 13 more demonstrators over violence Human rights groups say more than 3,000 people have been detained, then released, since anti-government rallies began.
Pirate Bay co-founder sentenced to two years in prison Gottfrid Svartholm Warg was found guilty of hacking into computers at a company that manages data for the Swedish tax authority.
Syrian rebels reportedly get first heavy weapons A handful of the missiles were already in use and in high demand after opposition forces looted them from captured bases.
UNESCO adds six ancient sites in Syria to World Heritage list Members also supported a French proposal calling for a special fund to help conserve World Heritage properties in Syria.