Legg Mason Soars After Earnings; Announces Buyback

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Shares of Legg Mason Inc. (NYSE: LM) are shooting higher this morning by 10.82% to $33.19 after the company reported better than expected earnings per share. They also said that they would reduce about 10% of its global workforce, around 350 jobs, over the next 12-18 months.Legg Mason also announced that they would start a stock buyback plan with a potential $1 billion pool of cash. Options Action in the name has been largely bullish this morning with calls favored over puts. The May $32 call strike is seeing the heaviest action with over 1,250 contracts purchased.Legg Mason was raised to “Buy” from “Hold” this morning at Stifel Nicolaus.

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