Hewlett-Packard Shares Up ~3% on Resumption of Buyback Program

Wednesday morning, Hewlett-Packard Company HPQ announced it will resumes its buyback program under the current authorization. The program had previously been suspended due to the company's possession of "material non-public information". The company intends on returning at least 50 percent of its free cash flow to shareholders through dividends and repurchases. "We are confident in our strategy and our ability to execute, and continue to believe our share price does not reflect HP's intrinsic value," said Executive Vice President and CFO, Cathie Lesjak. In addition to resuming its share repurchase activity, Hewlett-Packard has reaffirmed its outlook for 2014 and '15 and is guiding a non-GAAP EPS in the range of $3.70-3.74 and $3.83-4.03, respectively.