Bull market losing big ally as buybacks fall most since 2009
Announced repurchases drop 38% to US$244b in last 4 months
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New York
CORPORATE America has its eye on a new target as executives look to tighten their belts amid a slump in profits - and this time shareholders will not like it.
After snapping up trillions of dollars of their own stock in a five-year shopping binge that dwarfed every other buyer, US companies from Apple Inc to IBMCorp just put on the brakes. Announced repurchases dropped 38 per cent to US$244 billion in the last four months, the biggest decline since 2009, data compiled by Birinyi Associates and Bloomberg show.
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