Today's Most Important Buybacks
Snap (NYSE: SNAP) announced today its board of directors has authorized a stock repurchase program of up to $500 million of its Class A common stock. Shares plunged 26% after-hours today following the company’s reported Q3 results.
During last night's conference call, Tesla (NASDAQ: TSLA) CEO Elon Musk said the company could do a $5-$10 billion share buyback. “Even in the downside scenario next year, even given if next year is a very difficult year, we still have the ability to do a $5 billion to $10 billion buyback. This is obviously pending Board review and approval. So it's likely that we'll do some meaningful buyback," said Musk. The company shares closed more than 6% lower today following the mixed Q3 results announcement.
Tenet Healthcare (NYSE: THC) announced its Board of Directors has authorized a $1 billion share repurchase program. Shares were down more than 13% after-hours on the company’s poor outlook.
Wix (Nasdaq: WIX) announced that its Board of Directors has authorized a share repurchase program, under which the company may repurchase up to $300 million of its ordinary shares. Shares rose more than 9% today.
By Davit Kirakosyan
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