The European Air Safety Agency is following the lead of the FAA, and grounding all Boeing 787s, amid concern about battery fires. (Jan. 17)
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The European Air Safety Agency is following the lead of the FAA, and grounding all Boeing 787s, amid concern about battery fires. (Jan. 17)
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FILE - In this May 11, 2012 file photo, people stand in the lobby of JPMorgan Chase headquarters in New York. JPMorgan Chase reported a 55 percent jump in earnings for the last three months of 2012 as mortgage fees and other income surged. (AP Photo/Mark Lennihan, File)
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FILE - In this March 15, 2012 photo, a trader works in the Goldman Sachs booth on the floor of the New York Stock Exchange. Goldman Sachs announced Wednesday, Jan. 16, 2013 that its earnings almost tripled in the fourth quarter as investment banking revenues surged. (AP Photo/Richard Drew)
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In this Thursday, Jan. 10, 2013, photo, specialist Edward Zelles works on the floor of the New York Stock Exchange. Wall Street futures were mostly flat in world markets prior to the opening bell Friday Jan. 11, 2013. (AP Photo/Richard Drew)
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In this Friday, Dec. 28, 2012, photo, a trader works on the floor at the New York Stock Exchange in New York. Wall Street stocks tumbled on Thursday Jen. 3. 2013 after a transcript of the last meeting of the U.S. Federal Reserve unveiled a divided opinion among central bankers over how long the Fed should keep buying bonds to support the economy. (AP Photo/Seth Wenig)
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In this Monday, Jan. 7, 2013, photo an Afghan girl, right, practices playing the piano in a class at the Afghanistan National Institute of Music in Kabul, Afghanistan. Dozens of Afghan teenagers including former street kids or orphans aged 10 to 22, will be playing in the Afghan Youth Orchestra which begins a 12-day U.S. tour on Feb. 3 and includes concerts at Washington's Kennedy Center - President Barrack Obama has been invited - New York's Carnegie Hall and the New England Conservatory in Boston. (AP Photo/Musadeq Sadeq)
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In this Monday, Jan. 7, 2013, photo, Afghan students practice playing the drums in a class at the Afghanistan National Institute of Music in Kabul, Afghanistan. Dozens of Afghan teenagers including former street kids or orphans aged 10 to 22, will be playing in the Afghan Youth Orchestra which begins a 12-day U.S. tour on Feb. 3 and includes concerts at Washington's Kennedy Center - President Barrack Obama has been invited - New York's Carnegie Hall and the New England Conservatory in Boston. (AP Photo/Musadeq Sadeq)
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In this Monday, Jan. 7, 2013, photo, an Afghan girl, Gulalai, left, practices playing the sitar in a class at the Afghanistan National Institute of Music in Kabul, Afghanistan. Dozens of Afghan teenagers including former street kids or orphans aged 10 to 22, will be playing in the Afghan Youth Orchestra which begins a 12-day U.S. tour on Feb. 3 and includes concerts at Washington's Kennedy Center - President Barrack Obama has been invited - New York's Carnegie Hall and the New England Conservatory in Boston. (AP Photo/Musadeq Sadeq)
United Technologies approves buyback of 60M shares
HARTFORD, Conn. (
AP) — United Technologies may buy back up to 60 million of its shares, replacing an approximately $4.3 billion stock buyback program which began almost three years ago and is nearly spent.
The industrial conglomerate said Monday that the new program's value is $5.4 billion at today's stock prices. It expects its repurchases to total about $1 billion this year, unchanged from a previous estimate.
Companies buy back stock in an effort to reward shareholders, as reducing the number of stock outstanding can lift earnings per share.
Last month the Hartford, Conn., company reported a fourth-quarter profit, excluding one-time items, met Wall Street's expectations. Revenue fell short of analysts' estimates.
Shares of United Technologies Corp. dropped 38 cents to $89.46 in morning trading.
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