The world’s biggest home improvement retailer, Home Depot, plans to buy back US$2bn of its shares.
The company has seen the value of its shares tumble by 40% this year, with prices hitting a three-year low of US$29.09 this month. It believes now is the time to buy back while they are cheap, instead of investing its cash in money market funds.
Home Depot hopes the move will encourage investors to buy shares in the company.