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Amazon Approves Stock Repurchase To Boost Performance

Pub Date:

MAIN NEWS HEADLINES
August 31 – September 7, 2006 Edition

Amazon Approves

Stock Repurchase

To Boost Performance

NEW YORK, NY/8/25/06—Amazon.com’s board of directors has approved the repurchase of up to $500 million of its common stock during the next two years. The announcement was made August 25.

The move apparently was designed to allay stockholders’ concerns over lower profit margins partly impacted by the online retailer’s large technology investments. The announcement had the desired effect in initially trading, bolstering sagging stock prices by 90 cents to $28.93. But prices had slipped slightly to $28.87 by midday August 29, according to Yahoo stock reports.