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WebMD May Spend $50M in Stock Buy-back Program

WebMD Corp., Elmwood, NJ, yesterday announced that it may use up to $50 million to buy back shares of its common stock from time to time beginning next week.

The company said the purchases may be made in either open market or private transactions. Spokeswoman Jennifer Meyer said the company wouldn’t likely comment on the reasons behind the move any time soon.

WebMD, like all public firms of late, has seen its stock plummet. The company’s stock was hovering near $5 at press time.

The online medical site last fall began focusing more heavily on providing business-to-business software for the healthcare industry after making its name as a consumer content site since its inception in 1996.

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