Published December 17, 2014 8:10am EST | Updated January 8, 2015 3:04pm EST

Spirit Airlines' Stock Gains After Launch Of New Buyback Program

Shares of Spirit Airlines edged up 0.4% in premarket trade Wednesday, after the airline company announced the launch of a $100 million share repurchase program. At Tuesday's closing price of $68.70, the program, which extends to Dec. 16, 2015, could represent about 2% of the shares outstanding. The stock has run up 51% this year through Tuesday, compared with a 33% rise in the NYSE Arca Airline index and a 6.7% gain in the S&P 500.