General Dynamics Spikes Following 10 Million Share Buyback Plan

Shares of General Dynamics Corporation GD spiked up Monday afternoon following news that the company’s board of directors has authorized the repurchase of up to 10 million shares of stock.

The stock had been falling most of Monday and traded at $136.94 before spiking to $137.83 following the announcement.

In related news, RBC recently downgraded General Dynamics.

General Dynamics remained below Friday’s close despite the news and recently traded at $137.57, a decline of 1.23 percent.