:Comcast Corp and Johnson & Johnson on Wednesday unveiled buybacks worth billions of dollars as they joined a rush of U.S. companies seeking to avoid a new tax on such repurchases.
Comcast doubled its share buyback authorization to $20 billion after increasing it to $10 billion in January, while J&J announced a repurchase program of up to $5 billion. While the new tax will encourage companies to pull forward buybacks and increase repurchases in the near term, the weakness in equities markets is also a major reason, said Art Hogan, chief market strategist at B. Riley.
The benchmark S&P 500 index has declined nearly 18 per cent this year as runaway inflation spurs super-sized rate hikes from the Federal Reserve.
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