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$1 billion share buyback: Compaq Computer Corp. will repurchase up to $1 billion of its common stock, depending on market conditions, the personal computer-maker said Friday. The Houston company plans to buy back the shares on the open market. At Thursday’s closing price, $1 billion would buy 46.5 million Compaq shares, or 2.7% of the number outstanding. Buying back their own shares boosts companies’ earnings per share. It can also push a company’s share price higher by reducing the amount of stock available on the market.
