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Tycom to start stock buyback

Tycom's board of directors said Friday that the Bermuda-based undersea fiber-optic network company will spend up to $500 million to repurchase shares of its stock. Buybacks--a tactic to drive up the stock price by shrinking the total supply of outstanding shares--have become increasingly common as technology companies struggle with 52-week lows and search for ways to woo unenthusiastic investors. The exact timing and amount of the Tycom repurchases will be subject to market conditions and other factors, said Executive Chairman L. Dennis Kozlowski. Tycom, one of the world's largest providers of advanced broadband communications systems, said earlier this week that it would work with DishnetDSL Limited of India to build a major new undersea fiber-optic system, valued at approximately $1.25 billion.

    Tycom's board of directors said Friday that the Bermuda-based undersea fiber-optic network company will spend up to $500 million to repurchase shares of its stock. Buybacks--a tactic to drive up the stock price by shrinking the total supply of outstanding shares--have become increasingly common as technology companies struggle with 52-week lows and search for ways to woo unenthusiastic investors.

    The exact timing and amount of the Tycom repurchases will be subject to market conditions and other factors, said Executive Chairman L. Dennis Kozlowski. Tycom, one of the world's largest providers of advanced broadband communications systems, said earlier this week that it would work with DishnetDSL Limited of India to build a major new undersea fiber-optic system, valued at approximately $1.25 billion.