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Record buybacks: Sign of bubble trouble or just cheap rates

Tech bubble
Ross Gilmore | Redferns | Getty Images

Companies are buying back their own stocks at a record pace, but those buybacks aren't juicing share prices the way they once did, according to UBS.

With buyback stocks not necessarily outperforming, UBS screened a list of names and identified those it believes could get high value for their purchases and those that won't.

It also discussed whether the high level of buybacks suggests a bubble building and top for the stock market.