Intuitive Surgical (ISRG) Higher after $1B Stock Buyback Announcement

March 21, 2013 9:00 AM EDT
Intuitive Surgical, Inc. (NASDAQ: ISRG) is fighting back after getting slammed by short sellers, trade groups and government agencies about the risk/reward of its robotic surgical devices over the past month or so.

Late Wednesday, the company announced that its board of directors has authorized the Company to repurchase an additional $1 billion of the Company's outstanding common stock.

The $1 billion repurchase authorization will be available after the Company's internal trading window opens on April 23, 2013. With this authorization, the total amount available for share repurchases by the Company is approximately $1.21 billion, which includes approximately $208 million remaining from previous authorizations.

Shares of Intuitive Surgical last traded at $512, up 3.1 percent.

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