Netflix (NFLX) announced on Friday a new stock buyback program of up to $300 million, sending its stock up more than 1 percent in midday trading. NFLX is trading at new all-time highs today: 52wk range: $37.05 – $121.55.
The Los Gatos, Calif.-based company said that its Board of Directors has authorized a stock repurchase program that enables Neflix to purchase up to $300 million of its common stock through the end of 2012.
The program, which tends to make existing shares in the market more valuable, is in addition to the buyback plan announced in August 2009.
NFLX gained $1.63, or 1.37%, to $120.29 at 1:10PM EDT in Nasdaq trading.