October 29, 1997 in Nation/World

Buybacks Help Drive Market Recovery

Compiled From Wire Services
 

International Business Machines Corp., BellSouth Corp. and other U.S. companies stepped up their plans to buy back shares, helping pull the stock market out of a slump.

With the market dropping 11 percent over the previous four days, companies are saying their stock prices are good values.

“The opportunity in the market is a reason to do it and do it quickly,” said BellSouth Chief Financial Officer Ronald Dykes, whose company started buying back shares Tuesday.

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