Lowe’s authorizes buyback program

Lowe’s board of directors has authorized the repurchase of up to $5 billion of the company's common stock, along with a quarterly cash dividend of cents ($0.14) per share, payable Nov. 2, 2011, to shareholders of record as of Oct. 19, 2011.

Although this new repurchase program has no expiration date, the company expects to use the full amount over the next two to three years. The repurchases will be subject to market conditions and will be made from time to time either in the open market or through private transactions in accordance with the requirements of the Securities and Exchange Commission. The company's repurchase program may be suspended, discontinued or resumed at any time, according to a Sept. 22 announcement.