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PayPal, Moderna Lead Buyback Frenzy, Giving Stocks a Lift

  • Hefty buybacks can help provide tailwind for battered stocks
  • Over $21 billion in share buybacks announced this week alone
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Investors are debating whether the rebound in US stocks will stick, but corporate America is taking no chances and turning to a favorite old method for juicing the market: Buying back billions of dollars of their own stock.

At least $21 billion in fresh share repurchase programs have been unveiled this week alone, with PayPal Inc. leading the charge and authorizing a new $15 billion buyback plan as it works with Elliott Investment Management to turn around its struggling shares. Moderna Inc., Airbnb Inc. and Marriott International Inc. have also added to or unveiled new programs in the last three days, following a slew of others, including Chevron Corp., Charles Schwab Corp. and Exxon Mobil Corp. that did it last week.