Blyth (BTH) Squeezes Shorts Following Positive Buyback Update
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Blyth, Inc. (NYSE: BTH) shares are making a confident move higher Monday following an earlier announcement of strong buyback activity in the latest quarter.
The company said it bought back 594,582 shares, or 3.6 percent of total outstanding common, in first-quarter 2013. Blyth has about 1 million shares left under existing authorization.
Short interest on the stock rose about 2.5 percent from the start through middle of March to 6.94 million shares, or 80.2 percent of public float.
The stock is just coming off of intraday highs, but still up nearly 8 percent.
The company said it bought back 594,582 shares, or 3.6 percent of total outstanding common, in first-quarter 2013. Blyth has about 1 million shares left under existing authorization.
Short interest on the stock rose about 2.5 percent from the start through middle of March to 6.94 million shares, or 80.2 percent of public float.
The stock is just coming off of intraday highs, but still up nearly 8 percent.
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