Stock Buyback: Newport Corp. said Wednesday it...

Stock Buyback: Newport Corp. said Wednesday it will repurchase up to 1 million of its shares, or 12% of its outstanding stock. The buyback is valued at about $9 million at current prices. The repurchase follows a 1.5-million stock buyback begun in May, 1987. Newport President Tom Galantowicz said the company’s board authorized the repurchase, over a period of time in the open market, because the stock is a good investment. The company also increased its dividend from 3 cents to 4 cents. Newport manufactures instruments, components and accessories for the laser and electro-optical market.