We use intraday trade, quote data and exact announcement times to examine the within-day pattern of the market reactions surrounding repurchase announcements. The sample period is from 1995 to 2004. We find that repurchase announcements samples have information content. The market incorporates repurchase announcements within one minute of initial release. The price response is positive and slightly stronger for firms with actual buyback. There is a significant increase in trading intensity within the event period. Investors who trade before the initial release earn small profit for compensating their effort in gathering information. Quoted liquidity varies because of the repurchase announcements. The quoted spread increases and quoted depth decrease during the event period. The liquidity is decreasing and consistent with the information asymmetry hypothesis.