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Moody's approves new $1B stock buyback

NEW YORK (AP) -- Moody's Corp. said Tuesday that its board approved the repurchase of another $1 billion in company stock.

Moody's said it had $677 million remaining under its previous stock repurchase authorization at the end of 2012. It had about 227 million shares on the market during the fourth quarter.

Moody's shares have traded between $33.86 and $55.58 in the last year, and on Tuesday they gained 60 cents to close at $46.09. The stock rose $1.01, or 2.2 percent, to $47.10 in after-hours trading.