Standard Motor (SMP) Boosts Buyback by $5M
- Market Wrap: Durable Goods Order Outpace in Oct.; GoPro's Drone Ambitions; New Home Sales Fall Flat
- Deere & Co. (DE) Tops Q4 EPS by 26c
- After-Hours Stocks Movers 11/26: (CJES) (GPRO) Higher; (KITE) (AVNR) Lower (more...)
- U.S. Durable Goods Orders Show Surprise 0.4% Gain in Oct.; Inventories Rise to Highest-Ever Level
- GoPro (GPRO) Aims to Launch Consumer Drones Late Next Year
Standard Motor Products, Inc. (NYSE: SMP), an automotive replacement parts manufacturer and distributor, today announced that its Board of Directors has authorized the purchase of up to an additional $5 million of its common stock under a stock repurchase program. This increase is in addition to the completed $5 million repurchase program authorized by the Board on August 25, 2011. Stock will be purchased from time to time, in the open market or through private transactions, as market conditions warrant. The Company intends to fund the stock repurchase program through its revolving credit facility. The stock repurchase program may be suspended or discontinued at any time. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes, including funding existing equity compensation plans.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Movado Group (MOV) Tops Q3 EPS by 1c, Offers Q4 Guidance, Boosts Buyback to $100M
- Boeing (BA) Bullish Stance Reiterated, Estimate Raised at Jefferies on Buybacks
- Westlake Chemical (WLK) Approves $250M Buyback Plan
Create E-mail Alert Related CategoriesStock Buybacks
Related EntitiesStock Buyback
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!