Newell Brands Inc.’s stock
jumped 2.9% in premarket trade Monday, after the consumer goods company said it boosted its stock buyback program by $2.5 billion. That adds to the $1.1 billion remaining in its previously announced repurchase program. Based on Friday’s stock closing price of $24.68, the new $3.6 billion program could allow the repurchase of about 145.9 million shares, which would be about 30% of the shares outstanding. The company, which brands include Paper Mate, Elmer’s, Oster and Yankee Candle, said it continues to expects about $10 billion in proceeds from planned asset divestitures, which will be used to pay down debt and buy back stock. The shares had lost 20% year to date through Friday, while the S&P 500
had gained 3.9%.