Such stock repurchases are popular and many companies have borrowed money to buy back stock.

The market usually reacts positively to stock repurchases, though it is not always right to do so.

Ultimately, the company said, it would pay for the stock repurchases through the sale of assets.

He said Exxon had spent about $417 million so far this year on stock repurchases.

The company confirmed that the board had authorized an additional $3 billion of stock repurchases.

So far this year, Disney has announced $15.4 billion in stock repurchases.

Separately, the company's directors approved a stock repurchase of $1 billion but did not set a date for completion.

Most companies pay for stock repurchases from profits or other funds on hand.

Takeover speculation continued to dog the railroad until its recent stock repurchase.

Another motive for stock repurchase is to protect the company against a takeover threat.