Intercontinental Exchange Plan 5-for-1 Stock Split, Sets New Stock Buyback Program

Intercontinental Exchange Inc. said Wednesday it plan a 5-for-1 stock split, subject to approval by the Securities and Exchange Commission and shareholders. The provider of futures, stock and option exchanges also authorized a $1 billion stock buyback program. "This announcement reflects our consistently strong growth in earnings and cash flow generation, as well as our commitment to returning capital as we build on our decade-long track record of earnings growth," said Chief Executive Jeffrey Sprecher. Separately, the company reported second-quarter earnings and revenue that beat expectations. The stock, which was still inactive in premarket trade, has gained 3% year to date to close Tuesday at $263.93, while the S&P 500 has gained 5.5%.