IBM Boosts Buyback, Dividend as Sales Flatten

IBM Boosts Buyback, Dividend as Sales Flatten
News

IBM Boosts Buyback, Dividend as Sales Flatten

IBM(IBM_) is in a giving mood, as the company announced it will be returning even more cash to shareholders in the form of a bigger dividend and buyback. The New York-based technology software and services company, which reported disappointing first-quarter earnings last week, said it will raise its quarterly dividend to 85 cents per share, a 13% increase. IBM beat earnings estimates but sales were flat.

IBM’s board of directors also said it will buy back an additional $7 billion in stock. The company has $5.7 billion remaining in a previous program, bringing the total to $12.7 billion. IBM said it expects to request yet another share-repurchase authorization at its October board meeting.

IBM President and CEO Ginni Rometty said the company has returned $137 billion to shareholders since 2000.

Shares of IBM are higher in early Tuesday trading, up 1.1% to $200.73.

The Street

More In News

World

Private Firms Are Looking To Build Permanent Colonies On The Moon

If you’re bummed about no new moon expeditions being announced by NASA, fear not, as private companies could launch moon colonies as soon as 2020. A study of future space missions revealed on Thursday shows that missions by private companies could result in the building of permanent colonies on the moon. The study by Bigelow [...]

Technology

The Founder Of ‘Bang With Friends’ Is Revealed

The founder of Bang With Friends, the app that connects Facebook users for the sake of casual sex, has finally revealed his identity to the public. For those of you who haven’t heard of Bang With Friends, it basically shows you pictures of all of your Facebook friends and then you click one button below [...]

World

New Service Gives Tourists A Chance To See New York’s Ghettos

Double-decker bus tours in New York aren’t limited to Times Square, as a tour bus company promises to provide “a ride through a real New York City ‘GHETTO.’” Real Bronx Tours takes tourists from Europe and Australia through the Bronx to give them a glimpse of what life is like for NYC’s impoverished. The tour [...]

World

Abercrombie Offers Half-Assed Apology To Keep Sales From Plummeting

When you think of Abercrombie & Fitch, you most likely think of ugly clothes run by people with an even uglier attitude. Now the clothing company is looking to do some damage control. From saying they don’t want fat people wearing their clothes to preferring to burn clothes that don’t sell instead of donating them [...]

Also On Elite

Music News

Sensation To Embark On A Four-Stop Tour In The U.S. This Fall

In October of 2012, we finally saw the famed white-out party of Sensation come to America for the first time, for a two-night stint at Brooklyn’s Barclay’s Center. This Sensation event, titled “Innerspace,” featured performances by Fedde Le Grand, Mark Knight, Mr. White, Danny Tenaglia, Dennis Ferrer, Joris Voorn, Nic Fanciulli, and 2000 and One, [...]

World

Nothing Is Sacred: Shooting At Mother’s Day Parade In New Orleans Injures 19

Nineteen people, two of whom were children, were wounded in a shooting at the Mother’s Day parade in New Orleans this past Sunday. Although four of the victims will need surgery, police reported that most of the injuries were not serious. One of the children, a ten-year-old girl, was thankfully only grazed by a bullet. [...]

Humor

Dude Dropping a Deuce In The Back Of Workout Video

Work out videos are boring. Work out videos with a guy in the back corner taking a sh*t are awesome! The fine people at The Daily Hiit clearly weren’t paying attention when they shot this video. If you look all the way on the left hand side of the screen, you can see a man [...]

Sports

Vijay Singh Sues PGA Tour Over Deer-Antler Spray Drama

A week after the PGA Tour lifted sanctions against Vijay Singh for acknowledging his use of a deer-antler spray, he filed suit Wednesday against the tour. Singh was cleared last week by the PGA Tour of wrongdoing, but that didn’t stop him from taking his case to the Supreme Court of the State of New [...]

World

The Karaoke Gas Station Couple Lied About Being Actors On National TV

A couple that was supposedly selected at random to participate in a late night television show stunt was actually informed of the act ahead of time by the show’s producers. Will Sims was filling his car up with gas while wife Monifa was in the car when the fake anchor for the “Pumpcast News-” a [...]

Entertainment

Breaking: Beyoncé Pregnant With Second Child!

It looks like Blue Ivy’s gonna be a big sister! Beyoncé has just announced that she is expecting her second child with husband Jay-Z Rumors first began circulating that the Grammy winner was going to have another child when she walked the red carpet at the Met Gala  earlier this month. She attended the event in a custom-made Givenchy gown [...]