Here's Why Westinghouse Air Brake Technologies' Stock Surged

Shares of

, a technology-based products and services to freight rail and passenger transit industries, surged higher by more than 8 percent on Wednesday after the company

a new share buyback program. Wabtec reported that it repurchased around 4.6 million shares of its common stock for about $365 million during the fourth quarter. The company's Board of Directors also authorized a new $350 million share buyback authorization which supersedes the prior authorization that had about $33 million remaining. Wabtec added that during the full fiscal year 2015 it repurchased around 4.9 million shares for about $388 million. Albert J. Neupaver, Wabtec's executive chairman, said: "We're pleased that our Board of Directors continues to express strong confidence in the company's long-term growth prospects and its ongoing ability to generate strong cash flow."