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Closing Bell Wrap: AmEx Spikes on New Repurchase Program, Overstock Drops

Video Credit: The Street - Duration: 01:19s - Published
Closing Bell Wrap: AmEx Spikes on New Repurchase Program, Overstock Drops

Closing Bell Wrap: AmEx Spikes on New Repurchase Program, Overstock Drops

American Express experienced a late afternoon jump after the company's board authorized a 120 million share repurchase program and raised its quarterly dividend by 10% to 43 cents per share.

The new authorization replaces the 41 million share program the company started in 2016.

The stock is up more than 20% YTD.

American Express has reduced shares outstanding by more than 30% since 2011, according to CNBC.

PriceSmart shares jumped nearly 20% after the S&P exchange added the company to the SmallCapp 600 index.

The membership-based warehouse retailer was the best performer within the SPDR S&P Retail ETF Monday on the news.

Monday's move increased the company's market cap to $2.2 billion, on the cusp of the index's $2.4 billion cap.

Overstock.com named interim CEO Jonathan Johnson as its permanent chief, about four weeks after former CEO Patrick Byrne stepped down from the job, but the stock was tumbling after the company revised its guidance lower.

Johnson has been serving as the interim CEO since Aug.

22.

The company said that its previous third-quarter EBITDA guidance of $17.5 million was ambitious and its actual third-quarter results to date are break even, below company expectations.

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