Amazon.com, Inc. (AMZN) announced today that its Board of Directors has authorized the Company to repurchase up to $1 billion of the Company's common stock within the next 24 months.
The program allows the Company to opportunistically repurchase its shares when it believes that doing so would enhance long-term shareholder value. This stock repurchase authorization replaces an April 2007 $500 million stock repurchase authorization.
The stock is climbing 2.50 pts to $73.58 in the premarket.
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