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Stock prices are the lowest in years, but few companies are repurchasing shares.
By Mike Robbins As high-tech stocks have spiraled downward over the past year, many investors have decided to steer clear of the sector. It's a strategy that has stemmed routs in the past. By Tuesday, literally hundreds of firms responded by announcing that they'd buy some of their own outstanding shares. So many buyback announcements were made on Tuesday that the Wall Street Journal just ran all the announcements together as one big table. The market, perhaps buoyed in part by these firms' confidence in their own stocks' prospects, rebounded.