Wal-Mart sets $15 billion stock buyback

Bentonville, Ark. Wal-Mart Stores’ CFO Tom Schoewe told shareholders at the company’s annual meeting Friday that the company’s board of directors had approved a new $15 billion share repurchase plan.

The program replaces a similar $15 billion plan announced in 2007 that had $3.4 billion left to spend. Wal-Mart had postponed stock repurchases last year as the recession took hold, but resumed stock purchases earlier this year.