Internet
EarthLink Buying Back Stock
TSC Staff
07/26/04 - 09:47 AM EDT
EarthLink (ELNK - Cramer's Take - Stockpickr) boosted its share buyback plan by $100 million.
The Atlanta-based Internet service provider said the expansion comes on top of an existing $45 million share-repurchase authority. The company has bought back nearly 14 million shares under a previous program.
The company also said it would buy back shares in connection with so-called Rule 10b5-1 plans, which allow officers to sell stock on a predetermined quarterly schedule.
On Monday, the stock was flat at $9.22.