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TCI buyback lifts stock to year’s high

NEW YORK — Stock in cable giant Tele-Communications Inc. hit a 52-week high Thursday after the company said it planned a stock buyback program valued at about $650 million.

TCI said its board had authorized a buyback of as much as 5% of the outstanding stock, or 31.3 million shares. TCI stock closed Thursday at $20.75, up $1.06.

At the same time, TCI said it may buy back as much as 5% of the stock in its new spinoff company TCI Ventures Group, which holds TCI’s telephony and international interests.

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