(The Associated Press circulated the following article on February 14.)
JACKSONVILLE, Fla. — Railroad operator CSX Corp. said Wednesday it will repurchase up to $2 billion of its outstanding common stock.
The buyback represents about 11 percent of the company’s total market capitalization and is expected to close by the end of 2008.
The new buyback replaces a $500 million program from July. Almost $365 million of CSX’s common stock was repurchased under the prior program.
Shares of CSX gained $2.62, or 6.7 percent, to $41.99 in afternoon trading on the New York Stock Exchange after hitting a 52-week high of $42.25 earlier in the session.