Pfizer Announces Big Share Buyback, Stock Pops On The News

Pfizer

announced a very large $11 billion share repurchase program last night, which is addition to the 1.3 billion remaining in the existing repurchase program. The share repurchases will be enacted "over time" according to the company. With shares of Pfizer trading near the lows of the year, the share repurchase will be cost effective for the company. Shares of PFE are trading higher by 1.85 percent at 29.12.