International Business Machines joined hundreds of corporations...

International Business Machines joined hundreds of corporations that have announced stock repurchase programs since the stock market took a nose dive last week. IBM said it would spend up to $1 billion to buy back less than 2% of its shares, based on current prices. Meanwhile, Warner-Lambert said its board authorized the buyback of 6 million shares; Fairchild Industries said it would repurchase up to 3 million shares; National Semiconductor said it would buy back up to 10 million shares; Morton Thiokol said it would repurchase up to 5 million shares, and J. C. Penney said its board authorized the repurchase of an additional 5 million shares, bringing the potential size of its buyback program to 20 million shares.