The U.S.-listed shares of ABB Ltd. ABBCH:ABBN rose 1.4% in afternoon trading Thursday, after the Switzerland-based electrification and automation company announced a new $1 billion stock buyback program, to be launched in April. The new program, which represents about 1.5% of the company’s market capitalization of $66.02 billion, according to FactSet, follows the completion of the $2 billion program launched a year ago. Under the previous program, the company repurchased 67.46 million shares, or 3.3% of the shares outstanding. The stock has edged up 1.3% over the past three months while the iShares MSCI Switzerland exchange-traded fund EWL has lost 9.9% and the S&P 500 SPX has declined 10.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
