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Long LLL, Short SPY
On July 14th, L-3 Communications Holdings, Inc. (NYSE: LLL) announced that its board of directors authorized a new share repurchase program allowing the company to repurchase up to an additional $1 billion of the company’s common stock through December 31, 2012. This new share repurchase authorization is effective immediately and represents L-3’s fourth repurchase program.
“Returning cash to our shareholders is a central element of our disciplined capital deployment strategy, and we are very pleased to reiterate L-3’s commitment to delivering shareholder value through this new repurchase authorization,” said Michael T. Strianese, chairman, president and chief executive officer. “This authorization underscores our confidence in L-3’s strong fundamental business position, our growth and earnings prospects and our ability to continue to generate strong cash flows for 2010 and beyond.” Click to view this pair.
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