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Canon Inc. plans stock buyback

Canon logo

Canon logo

Canon Inc., parent company of Lake Success-based Canon U.S.A., said early Thursday morning that it plans to buy back up to 1.2 percent of its stock, paying up to $65 million, during the next month, the news service Reuters reports from its Tokyo bureau.

The buyback will start Friday and continue until Sept. 16, Reuters reports.

Canon's share price has still not recovered from Japan's triple disaster -- earthquake, tsunami and nuclear meltdown -- in March, which affected production, exports and investor confidence. 

Its closing price, which hit a yearly high of $52.26 in January, fell to $42.69 soon after Japan's disasters. It closed Wednesday at $43.58 and had already begun to respond to the buyback plans before the market opened Thursday, trading above $45.

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