Maytag Corp. said Thursday it will buy back up to 10 million shares of its stock.
Companies use buybacks to increase earnings per share by reducing shares outstanding.
Philips Electronics reported a sharp gain in its 1998 earnings thanks to the sale of its Polygram music subsidiary, but profits from its core electronics business tumbled on poor sales to Asia and Brazil. Yields on 30-year Treasury bonds fell in Thursday's auction to the lowest level on record. The yield was 5.298 percent, down from 5.300 percent at the last auction on Nov. 5. It was the lowest rate since regular issuance of 30-year bonds began in 1977. The sale reflects Nextel's desire to shift away from building and managing its own towers.