Cisco Systems (NDAQ:CSCO) shares rallied today after the company announced that its board authorized up to $10 billion in additional share repurchases of its common stock with an indefinite time period. This brings the total authorized amount under the program to $62 billion if it is fully completed.

Cisco's current market cap stands at just $178 billion, meaning that if all the shares are repurchased the company will nearly be taken private. The news comes after the company's stock slumped nearly 10 percent when chief executive John Chambers said that declining orders from automobile and financial companies are curbing growth.

Results ended up being in line with expectations but failed to impress investors  who had been expecting faster growth. After all, Cisco has exceeded sales predictions for the last seven out of eight quarters! To help increase growth, the company has looked to invest in emerging markets, making acquisitions and pushing into new products such as television set-top boxes.

Int the end, this share repurchase is good news for investors. While the unlimited timeframe is of some concern, it is good to know that the company is interested in unlocking shareholder value during tough times. Cisco remains a solid stock with solid growth numbers, and should recover along with the general economy. Combined, these factors make CSCO a stock worth watching!

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