Shares of Live Ventures Inc. (LIVE) soared more than 68% to touch the $2.07 mark in intraday trading Friday after the company disclosed in a regulatory filing ( FORM 8-K ) with the Securities and Exchange Commission (SEC) that on January 21, 2016, its Board of Directors authorized the adoption of a “stock repurchase program,” pursuant to which Live Ventures may repurchase up to $10 million of its currently outstanding common stock at prevailing market prices
According to the SEC filing, the time period during which the repurchasing activities may occur will be dependent on future market volume, but, in any event will expire not later than two years from the date of authorization. (The stock repurchase program is subject to various trading restrictions)
Live Ventures' management believes that the implementation of this stock repurchase program will enable the company to strengthen its long-term financial structure for its stockholders by capitalizing on a current undervaluing of its stock in the marketplace
LIVE stock closed at $1.68, up $0.37 (or +28.25%)
Live Ventures is a diversified holding company with several wholly owned subsidiaries and a strategic focus on acquiring profitable companies that have demonstrated a strong history of earnings power. The company provides, among other businesses, marketing solutions that boost customer awareness and merchant visibility on the Internet.
Analysts at Citigroup upgraded WPP plc (WPPGY)'s stock from a Neutral to a Buy rating
WPPreported that its global digital agency POSSIBLE Worldwide has agreed to acquire a majority stake in Conrad Caine GmbH, a full service digital agency headquartered in Munich. WPP said that this acquisition continues its strategy of investing in fast growth markets, new media and digital, including data and the application of technology.
Through its companies, WPP offers a comprehensive and, when appropriate, integrated range of communications services
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