BlackBerry's Stock Rallies After Buyback Plans | Fox Business

BlackBerry Ltd.'s stock rallied 2.2% in after-hours trade Thursday, after the smartphone maker said it has authorized the repurchase of up to 12 million shares. That would represent about 2.6% of the public float outstanding. At Thursday's closing price of $10.27, the repurchase program would be valued at $123.24 million. "The purpose of this repurchase program will be to offset dilution that may result from our proposed employee share purchase plan and from proposed amendments to our equity incentive plan," said Chief Executive John Chen. The stock has lost 6.5% year to date through Thursday, compared with a 3.5% gain in the S&P 500.