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IBM said its board approved an additional $5.0 billion in share repurchases, bringing the company's total stock buyback program to $9.2 billion in a reflection of its strong cash flow.

IBM's reported plans to lay off thousands of U.S. workers and outsource many of those jobs to India, even as the company angles for billions in stimulus money, doesn't sit well with employee rights advocates.

The merger, if completed, would mark a big consolidation step in the market for server computers used in corporate data centers, one that could prompt an antitrust challenge.