Bed Bath & Beyond Announces Plan To Buy Back $2 Billion Worth Of Shares

Before the market opened Monday morning, Bed Bath & Beyond BBBY announced that its board of directors has authorized a $2 billion share repurchase plan.

Following the announcement, shares of the company shot up to $60.50 before returning to levels about even with Thursday's close.

The company expects the plan to commence after the current buyback plan is completed, which had ~$861 million remaining as of May 31, 2014.

"Our Board authorized this new share repurchase program based upon its continued confidence in our Company's long-term growth potential, financial outlook and cash flow generation," said Steven Temares, Chief Executive Officer and member of the board of directors.