Wendys Adds $1.4 Billion Worth Of Shares To Its Plate - Wendy's (NASDAQ:WEN)

Shares of

Wendys Co WEN were rallying, up nearly 6 percent in Wednesday's pre-market session. The catalyst for the increase is a plan to buy back $1.4 billion worth of shares ($800 million worth of shares commenced on Wednesday). The buyback plan includes a separate purchase of up to $211 million of stock from the Trian Group. In addition to the share repurchase plan, the fast food giant has completed $2.275 billion securitized financing facility along with the closing of the previously announced sale of bakery operations. The company expects earnings per share for fiscal year 2016 to be between $0.31 and $0.33 per share and is confident that earnings will continue to grow higher year-over-year. The company expects earnings to grow in the high single-digit range in fiscal 2016 and increasing to the high teens during fiscal 2017. Shares of Wendy's closed at $11.10 on Tuesday and spiked as high as $11.75 (5.86 percent increase) in the premarket.

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