BENTONVILLE, Ark.--Wal-Mart Stores Inc. said Wednesday it would spend up to $100 million to buy back shares of its common stock.
The purchase would represent less than 1 percent of the 2.3 billion shares outstanding. Wal-Mart also noted the $100 million amount could be increased depending upon market conditions and with its board's approval.
David Glass, president and chief executive officer, said, "We believe the stock is an excellent long-term value and we will repurchase the shares for use in our stock options and other benefit plans."
Wal-Mart closed up 1/4 at 21 7/8 Wednesday on the New York Stock Exchange.
--Fairchild News Service

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