Qwest Communications International Inc. (Q) announced that a two-year $2 billion stock buy back plan has been approved by its board and will reward investors who remained loyal during accounting scandals.
Qwest, the primary telephone service provider in 14 Midwestern and Western states, was forced to restate billions of dollars in an accounting scandal but has posted profits for two consecutive quarters.
The announcement was made today after the stock market closed. Shares closed up 16 cents at $8.70 a share on the New York Stock Exchange.
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