Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Summary: Cisco Systems' board approved the repurchase of $7 billion in company stock, the latest stage in a five-year program that has already bought back $36.9 billion in stock. Cisco's board had previously authorized $40 billion in buybacks; the latest approval is on top of that. The company's market cap is currently $161.47 billion.
Related links: Cisco press release • Commentary: Cisco's Scorched Earth Policy Claims Another Victim • Cisco: Catalysts That Make it a Buy • Cisco Reports A Blowout Quarter • Conference call transcripts: Cisco F1Q07 (Qtr End 10/28/06) Earnings Call Transcript
Potentially impacted stocks and ETFs: Cisco Systems (NASDAQ:CSCO) • ETFs: iShares Networking (NYSEARCA:IGN)
Seeking Alpha is not affiliated with AP.