Amazon.com Approves $500 Million Buyback

Seattle, Amazon.com announced that its board of directors has authorized the company to repurchase up to $500 million of the company's common stock. The stock buyback must be made within the next 24 months through one or more open market transactions, privately negotiated transactions, transactions structured through investment banking institutions or a combination of any of them. The program allows the company to repurchase its shares, especially if the company believes its shares are undervalued, Amazon.com said.