Tech and communication services companies have been dominating share buyback activity within the S & P 500 this year, according to Jill Carey Hall, Bank of America's equity and quantitative strategist.
Earlier this year, Apple announced a massive $110 billion share buyback program, while Alphabet authorized a $70 billion repurchase .
Buyback fans include legendary investor Warren Buffett, as Berkshire Hathaway spent $2.6 billion in the first quarter of 2024 to repurchase shares.
And the company has a strong track record of stock buybacks.
GM's board authorized a new $6 billion buyback program earlier this month, which follows an accelerated $10 billion plan from November 2023.
Persons:
Jill Carey, Hall, Warren Buffett, Berkshire Hathaway, Motors, Morgan Stanley, Joe Laetsch, Laetsch, Johnson
Organizations:
Tech, Jill Carey Hall , Bank, Apple, Berkshire, CNBC, GM, General Motors, Marathon Petroleum, MPC, DuPont, Synchrony, Comcast
Locations:
Detroit, NBCUniversal