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The volume of US corporate share buybacks surged in February, an investment research firm said on Wednesday, as the dollar value of programs announced in the aftermath of the Republican tax overhaul appeared headed above the $200 billion mark.
The California-based research firm TrimTabs, which tracks corporate buybacks, said preliminary data for February show the dollar value of buyback programs nearly doubled to $118.5 billion from $59.9 billion in January. TrimTabs said its final tally for February is likely to rise and could set a new record.
"Activity has certainly accelerated. Buybacks increased for five consecutive months beginning in July 2017 and have exploded in February," said TrimTabs analyst Winston Chua.