Lowe’s to buy back $5B of stock

Mooresville, N.C. -- Lowe’s Cos. on Monday said it has been authorized to buy back up to $5 billion of its common stock over the next two-to-three years.

In a statement, the company said it expects to use the full amount over the next two to three years. The new repurchase authorization from the Lowe's board has no expiration date.