A&F (ANF) Could Announce 'Massive' New Buyback Plan, Curtail European Expansion -NYPost

According to the NYPost late Tuesday, Abercrombie & Fitch (NYSE: ANF) may be ready to unveil a so-called massive share buyback program. The publication's source said the repurchase plan would be a "material increase" over the Board's current program for up to 12.9 million shares.

The NYPost also suggested A&F's CEO Mike Jefferies could be considering reducing the retialer's aggressive expansion plans for Europe.

The source said A&F is likely to announce these plans on or before second-quarter results on August 15th.

Investors are cheering the rumors Wednesday morning: shares of A&F are up nearly 6 percent to around $34.64 in pre-open trade.

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