NEW YORK (TheStreet) -- Amazon.com  (AMZN - Get Report)  stock is rising by 1.37% to $497.21 in after-hours trading on Wednesday, after the company announced a stock buyback plan. 

Amazon.com's board has approved the repurchase of up to $5 billion of the company's stock.

The repurchase will occur "opportunistically from time to time when it believes that doing so would enhance long-term shareholder value," the company wrote in an 8-K filing with the SEC.

The stock buyback does not have a fixed expiration. It replaces the previous $2 billion stock repurchase program, which was approved by the board in 2010. 

Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.

Amazon.com's strengths such as its impressive record of earnings per share growth, compelling growth in net income and robust revenue growth are countered by the fact that the company has favored debt over equity in the management of its balance sheet.

You can view the full analysis from the report here: AMZN

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

AMZN Chart AMZN data by YCharts