Intel Shares Fall Without Buyback

Intel Corp. shares fell after the company quashed speculation it would boost its stock buyback program.

The shares fell 4-3/4 to 80-1/4 in trading of 33.0 million, making Intel among the most active stock in U.S. markets. Earlier, the shares touched 79 1/4.

Intel said late Tuesday, after the close of regular U.S. trading, it had no plans to boost its current buyback program, which it started in 1990. Since then it has bought more than 200 million of its shares for a total of about $5.9 billion, and can buy 70 million more under the program. It bought 2.5 million shares in the third quarter for $251 million, almost solely to offset dilution from the stock options it awards employees.

Intel shares fell “because the rumors of a massive buyback were refuted,” said Dwight Blazin, an analyst at New York-based David Funds, which owns Intel stock. Intel spokesman Tom Waldrop said yesterday there were no plans to increase the buyback program.