DETROIT – An optimistic Compuware Corp. said Monday it will buy back up to $125 million of its common stock, as a sign of confidence in the direction the software and IT services company has taken this year.
The purchases will be made on the open market from time-to-time based upon market and business conditions.
?Compuware?s Board of Directors and executive management team have great confidence in the company?s growth potential for the current fiscal year and beyond,? said Compuware Chairman and CEO Peter Karmanos, Jr. ?With many of the company?s key organizational changes completed, Compuware has a tremendous opportunity to generate sales momentum across our business in FY ?07. We will continue to evaluate a variety of cash-management strategies for investing in the company?s growth and delivering value to shareholders.?
Wall Street reacted on Tuesday by driving down Compuware’s stock price to $7.57 a share, down a nickle on the day.
