IBM approves $5B stock buyback and says it plans to request more repurchase funds in April

IBM has authorized the repurchase of another $5 billion of its own stock.

With the latest approval announced Tuesday, IBM has authorized the repurchase of as much as $6.4 billion in stock. The Armonk, New York, company said it would seek funds for the repurchase of more stock at its April 2015 board meeting.

International Business Machines Corp. had 998 million shares on the market during the third quarter, and its shares are down 11 percent since Oct. 17. The company reported disappointing third-quarter results on Oct. 20, the next trading day. In April the stock set an all-time high of $199.21.

IBM shares rose 39 cents to $162.26 in afternoon trading.