International Game Technology up 11% After Announcing Share Buyback Authorization

International Game Technology

is trading higher on the session following the announcement of a new $1 billion share repurchase authorization and $400 million accelerated stock buyback. According to the company's press release, "the accelerated stock buyback will be conducted as the first part of the Company's new $1 billion share repurchase authorization. The remaining $600 million is currently anticipated to be utilized over the next 3 to 4 years." International Game Technology is currently trading at $14.70, a gain of $1.48 or 11.23%.