EMC Corp. (EMC) announced Thursday morning that its Board of Directors increased its authorization to repurchase EMC common stock from $1 billion in 2013 to $6 billion over the three-year period ending December 31, 2015. The Board also initiated a quarterly cash dividend to EMC shareholders.
EMC gapped open sharply Thursday, but was range-bound throughout the session. The stock finished up by 1.27 at $24.93 on above average volume. EMC broke out to over a 2-month high and re-crossed its 200-day moving average.
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