CALIFORNIA : SOUTHLAND FOCUS : CB Richard Ellis Plans to Buy Back Stock

Los Angeles-based real estate services company CB Richard Ellis said that its board of directors has authorized the repurchase of up to $5 million of its common stock. The purchases would be made from time to time either in the open market or through privately negotiated transactions. “This modest repurchase program allows us to invest in the long-term potential of our business, while not unduly impacting our overall capital deployment strategy,” Chief Executive Ray Wirta said. In July the company warned that its second-quarter results would be 50% below Wall Street estimates, which prompted a sell-off of its stock. CB Richard Ellis shares closed at $13.06 on Wednesday, up 56 cents, on the NYSE.