Why Stock-Split Stock Sony Topped the Market Today

Monday will go down in history as a day when tech stocks really took it on the chin. But as ever with the equity market, there were exceptions here and there. One title that managed to inch higher on the day, in sharp contrast with its brethren, was storied conglomerate Sony Group (NYSE: SONY). It eked out a nearly 1% gain on the day, contrasting favorably with the S 500 index's 3% swoon.

That morning, Sony provided an update on its current share repurchase program. Since launching the initiative in mid-May, the monster tech company has bought nearly 3.8 million shares of its common stock. All told, this cost just under 53.6 billion yen ($366 million).

That shakes out to an average per-share price of 14,250 yen ($97), indicating that the bulk of the purchases might have occurred around mid-July -- the company's U.S.-listed stock was trading for nearly that amount for several days in a row.

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Source Fool.com