Market Overview

Amazon Hikes Buyback To $5 Billion

Share:
Amazon Hikes Buyback To $5 Billion
Related AMZN
10 Companies With The Best Corporate Reputations
Netflix Has Oscar Potential In Sight
Wal-Mart Is a Great Investment Option (GuruFocus)

Amazon.com, Inc. (NASDAQ: AMZN) shares are up after hours after the company unveiled a new $5 billion buyback program. According to an 8-K filed with the SEC, Amazon's Board of Directors has authorized the company to repurchase up to $5 billion in common stock.

Using semi-standard language for moves of this magnitude, the filing explains: "The program allows the Company to repurchase its shares opportunistically from time to time when it believes that doing so would enhance long-term shareholder value."

Of note, the repurchase program doesn't have a fixed expiration date.

Amazon previously had a $2 billion stock repurchase authorization, originally approved in 2010. The latest buyback program replaces that initiative.

The company also announced Corning executive Wendell P. Weeks will become a director, while board member Diego Piacentini will take a leave of absence for two years beginning in August 2016.

Posted-In: after hours AmazonNews Buybacks Top Stories After-Hours Center Movers Tech Best of Benzinga

 

Related Articles (AMZN)

View Comments and Join the Discussion!