Nike Shares Surge On Buyback, Stock Split, Dividend Hike

Nike Inc. shares rallied in the extended session Thursday after the sports gear and apparel company announced a buyback program, stock split, and dividend hike. Nike shares rose 4% to $130.79. The company said its board approved a $12 billion share repurchase program over the next four years, and that its current $8 billion program will be completed by the end of fiscal 2016. Nike said it plans a two-for-one stock split, with the split being in the form of a stock dividend payable Dec. 23 to shareholders as of Dec. 9. The board also hiked the quarterly dividend 14% to 32 cents a pre-split share. The dividend is payable to shareholders Jan. 4 to shareholders as of Dec. 9.