FOSL Shares Jump On Buyback News

Shares of Fossil Inc FOSL surged on Monday, following news of the company’s stock buyback program. The company announced that its board of directors has authorized to repurchase up to $750 million of its outstanding shares of common stock. The buyback would be executed depending on factors such as market conditions and share price. The authorization expires on December 31, 2013 and the buyback program may be suspended or discontinued at any time. “We are pleased to be able to initiate this share repurchase program while maintaining operational flexibility to invest appropriately in our global business to meet our strategic goal of doubling the size of the Company over the next five years,” said CFO Mike Kovar. “We believe utilizing our strong balance sheet, including $435 million in cash and cash equivalents at the end of the second quarter of fiscal 2010, and future cash flows will be sufficient to fund this program as well as future investments to support the Company's long-term growth objectives.” Shares of FOSL jumped 5.39% to $48.49 at 1:41pm EDT. Read more from Benzinga's Company news.