(The Associated Press circulated the following article on November 23.)
NEW YORK — Freight railroad Norfolk Southern Corp. on Tuesday said its board authorized the repurchase of up to 50 million common shares through 2015.
The timing of the buyback will depend on market conditions and other factors, Norfolk Southern said. The company had 406.4 million shares outstanding as of Sept. 30.
Shares of Norfolk Southern lost 31 cents to close at $43.69 on the New York Stock Exchange, then added 31 cents in aftermarket activity.