Unfortunate measure: This combination of file photos shows logos for IBM, Macy's, Chevron and Starwood Hotels and Resorts group's W Hotel Hollywood
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Nearly half the companies in a study of the Standard and Poor's 500 index spent more on these buybacks than the shares are now worth.
Combined paper losses from purchases in the past three years for these losers: $126 billion, or 15 percent of what they paid, according to an Associated Press study based on FactSet data.
Retailer Macy's is down US$1.4 billion on its purchases, a 24 percent loss. As the price of oil plunged, driller Chevron lost $3.3 billion betting on its stock, a 33 percent loss. Starwood Hotels & Resorts Worldwide has lost hundreds of millions on buybacks, more than a fifth of what it spent.
IBM has the biggest losses from buybacks, down $5.5 billion.
The companies with five biggest paper losses due to stock buyback:
' IBM: - $9.8 billion
' Qualcomm: -$7.4 billion
' American Express: -$4.1 billion
' Exxon Mobil: -$3.9 billion
' Hess: -$2.9 billion
' Chevron: -$2.8 billion (ags)
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