Merck's Stock Gains After New $10 Billion Stock Repurchase Program Announced

Shares of Merck & Co. rose 1.2% in after-hours trade Tuesday, after the drug giant said it authorized a new $10 billion stock repurchase program. The company said the new program, which has no time limit, is in addition to the $1.7 billion remaining in a previously-announced program. Merck said it still expects the average number of diluted shares outstanding to be approximately 2.86 billion in 2015. The stock, a component of the Dow Jones Industrial Average , has gained 3.2% year to date through Tuesday, while the Dow has edged up 1.1%.