Pinnacle Entertainment Inc.'s stock surged 1.7% in premarket trade Friday, after the gaming company said it launched a new $50 million share repurchase program. At Thursday's closing price of $10.82, the program would allow the company to repurchase about 4.6 million shares, which represents about 7.6% of the shares outstanding. "Our senior leadership and board of directors strongly believe that our free cash flow profile, growth prospects, long-term strategy and ability to execute on our operations represents an attractive investment opportunity," said Chief Executive Anthony Sanfilippo.
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