Thermo Fisher approves $750M stock buyback
Laboratory instrument maker Thermo Fisher Scientific Inc. said Friday its board of directors approved the repurchase of $750 million in stock. Its shares rose almost 3 percent in morning trading.
The stock repurchase authorization will last until Nov. 9, 2012. Thermo Fisher said it has $25 million remaining on its previous stock buyback plan, which expires in February
The company had 378.3 million shares on the market as of Oct. 1.
Shares of Thermo Fisher rose $1.40, or 2.9 percent, to $49.13 in morning trading Friday. That is a day after they fell to a 52-week low of $47.48 per share.