• This combination of file photos shows logos for IBM, Macy's, Chevron and Starwood Hotels and Resorts group's W Hotel Hollywood. Big companies have lost billions buying their own shares. Nearly half the companies in the Standard and Poor’s 500 index paid more for their shares in the past three years than they are worth, according to analysis by The Associated Press. Retailer Macy’s is down $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. (AP Photo)

    Companies lose billions buying back their own stock

    NEW YORK (AP) — If you think your stocks are doing poorly, check out the performance of some of the most sophisticated investors, the ones with more knowledge about what’s going on inside businesses than anyone else: Companies that buy their own shares.