Pfizer Shares Rise After New $11 Billion Share Buyback Program

Pfizer shares rose 1.4% in after-hours trade Thusday after the blue-chip drug maker said it has authorized a new $11 billion share buyback program, to be "utilized over time." That is in addition to the $1.3 billion left in its previous repurchase program. The company also said it keep its quarterly dividend at 26 cents a share, with the fourth-quarter dividend to be paid Dec. 2 to shareholder of record at the Nov. 7 close. Pfizer's stock, a component of the Dow industrials, has declined 6.6% year to date through Thursday, compared with a 0.6% gain in the Dow.