Vodafone Launches a Buyback

LONDON -- Vodafone Group PLC launched a £1 billion ($2 billion) share-buyback program in an attempt to lift its share price following a disappointing reaction to its quarterly results.

The world's largest mobile-phone operator by revenue said the buyback "reflects the board's belief that the share price significantly undervalues Vodafone."

The move worked initially, with the stock trading up four pence, or 2.8%, ...