Brocade Communications' Stock Climbs After $700 Million Boost To Share Buyback Plan
Brocade Communications Systems Inc.'s stock rose 1.2% in premarket trade Wednesday, after the storage-area-network company added $700 million to its stock repurchase program. That lifts the amount in the program to over $1 billion. Based on Tuesday's closing price of $10.43, that would allow the company could buy back over 20% of its shares outstanding. The stock had lost 12% over the past three months through Tuesday, while the S&P 500 had slipped 8.7%.
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