H-P Adds $2 Billion to Stock Buyback Plan

Hewlett-Packard Co. said its board added $2 billion to its stock buyback program, the No. 2 computer maker’s second boost to its repurchase plan this year.

The company added $1 billion to a program under which it buys shares it needs for employee compensation and incentive programs. That program still has $700 million from earlier allocations. It authorized an additional $1 billion for purchases unrelated to compensation. That program still has $750 million, giving H-P a total of $3.45 billion for stock buybacks.

The move comes two days after Hewlett-Packard sold shares in Agilent Technologies Inc., a maker of medical equipment and electronic test equipment that it is spinning off next year. The initial public offering raised $2.16 billion, and Agilent shares soared Thursday, lifting shares of Hewlett-Packard as well.