Why Exelixis Stock Trounced the Market on Thursday
Cancer drug specialist Exelixis (NASDAQ: EXEL) was quite the stock market star on Friday. Following news that it's making a big, shareholder-pleasing move, market players piled into the company to push its shares 5% higher on the day. This provided some light in what was generally a gloomy trading session, with the S&P 500 index falling by 1.7%.After market close on Thursday, Exelixis announced that it will launch a new share repurchase program, authorized for up to $500 million worth of its common stock before this coming Dec. 31. This will kick in once the current buyback program, also capped at $500 million, is exhausted. The company anticipates that will occur in this year's second calendar quarter. As with most repurchase programs, this one will take place from time to time and involve various amounts.Continue reading
Cancer drug specialist Exelixis (NASDAQ: EXEL) was quite the stock market star on Friday. Following news that it's making a big, shareholder-pleasing move, market players piled into the company to push its shares 5% higher on the day. This provided some light in what was generally a gloomy trading session, with the S&P 500 index falling by 1.7%.
After market close on Thursday, Exelixis announced that it will launch a new share repurchase program, authorized for up to $500 million worth of its common stock before this coming Dec. 31. This will kick in once the current buyback program, also capped at $500 million, is exhausted. The company anticipates that will occur in this year's second calendar quarter.
As with most repurchase programs, this one will take place from time to time and involve various amounts.
