Johnson & Johnson Board Approves $10B Buyback Plan

NEW YORK (AP) — Johnson & Johnson says its board of directors approved a $10 billion stock buyback plan.

         The health care and pharmaceutical products company said there is no time limit on the program and it will be financed through the issuance of debt.

         The New Brunswick, New Jersey-based company had about 2.77 billion shares of common stock outstanding as of September 27.

         Its shares rose 53 cents to $96.52 in premarket trading more than two hours before the market opens.