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TDS to buy back $250 million in shares
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CHICAGO - U.S. Cellular parent Telephone and Data Systems Inc. said Wednesday its board authorized a $250 million share repurchase plan through November 2011 to take advantage of "favorable market conditions."
It also said it completed the purchase of some 5.2 million shares, costing $250 million, in its previous 16-month program.
The announcement coincided with the release of the company's third-quarter earnings, which beat Wall Street expectations despite a 56 percent decrease in net profit to $101.2 million, or 87 cents per share.
Shares rose $1.62, or 6.2 percent, to $27.86 in midday trading.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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