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Cummins to buy back up to $1 billion in stock

NEW YORK (AP) -- Cummins Inc. said Tuesday that its board approved the repurchase of up to $1 billion in stock.

The Columbus, Ind.-based engine maker said it has nearly completed its previous $1 billion buyback plan authorized in February 2011.

Shares of Cummins rose $2.24, or 2.2 percent, to close at $105.48. They added $1.2 to $106.60 in after-hours trading. Over the past year, the stock has traded between $82.20 and $129.51.