Heard on the Street: Some tech firms are scaling back on buybacks. Google's parent company and Facebook have more room to run.
While some big tech companies are cooling their buyback activity, others are just getting started.
The second quarter saw a prodigious drop in stock repurchases, according to data from S&P Dow Jones Indices. S&P 500 companies spent about $166 billion on buybacks in the period—down 20% from the first quarter and a 13% decline from the same period a year earlier. A drop in spending by tech giants Apple, Oracle and Cisco played a major role. The three spent a combined $29.4 billion in their most recent fiscal quarters,...
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