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

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