Shares of JetBlue Airways Corp.
were indicated up over 1% in premarket trading Monday, after the air carrier disclosed of a $125 million accelerated share repurchase (ASR) agreement with Barclays Bank. The repurchases if part of a $750 million stock buyback program announced in December 2017, which had $125 million remaining as of Sept. 6. Based on Friday’s stock closing price of $16.67, the ASR would represent about 7.5 million shares, or about 2.5% of the 296.3 million shares outstanding as of June 30. JetBlue’s stock has lost 8.9% over the past three months, while the NYSE Arca Airline Index
has declined 5.8% and the S&P 500
has gained 3.7%.
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