SCIENCE / TECHNOLOGY : Stock Buyback

Newport Corp. has announced a program to buy back 1 million shares of its stock--about 12% of all shares outstanding--for about $9 million. The company had previously bought back 1.5 million shares, but Newport President Tom Galantowicz said the firm believes that further re-purchases are “a good investment of corporate funds.” The Fountain Valley company manufactures instruments and components for laser and electro-optical systems.