Verizon To Buy Back Shares

When companies feel their stock is an attractive price, they tend to buy back shares. Verizon has announced just that. They'll be repurchasing $1.7 billion worth of their shares by the end of 2006.

The company began the year with a target of about $1 billion in repurchases, and raised it to $1.5 billion in the middle of the year, it said in a statement.

Verizon has been busy lately on Wall Street. They recently spun off their Idearc business and now they're repurchasing shares in a major way. Could be a good time to keep an eye on their stock.