How Will Glencore (GLNCY) Stock Respond To $1 Billion Buy Back?

NEW YORK (TheStreet) -- Glencore International  (GLNCY) , the commodity trader and miner, said it will launch a share buy back program of up to $1 billion over the next six months, making it the first among the diversified miners to return extra cash to shareholders this year, Reuters reports.

The announcement accompanied a forecast-beating 8% increase in first half core profit. Glencore said earnings before interest, tax, depreciation and amortization totaled $6.5 billion, helped by a strong performance of its trading arm.

That beat a company-provided analysts' consensus of $6.3 billion.

The company also declared an interim dividend of 6 cents per share, an 11% increase over its 2013 interim distribution.

Shares of Glencore closed yesterday at $11.93.

GLNCY Chart GLNCY data by YCharts

EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.

More from Markets

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Jim Cramer: The 10-Year Yield Could Go to 2.75%

Jim Cramer: The 10-Year Yield Could Go to 2.75%

Oil Slumps, Gas Spikes Ahead of Holiday Weekend; Assessing the Chipmakers--ICYMI

Oil Slumps, Gas Spikes Ahead of Holiday Weekend; Assessing the Chipmakers--ICYMI

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%