Intuitive Surgical Gains as Share Buyback Plan Expanded
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Intuitive Surgical Inc. doubled its stock repurchase program to $1.5 billion, sending shares of the embattled maker of robot surgery devices up the most in two months.
The board approved the repurchase of $779 million of shares, adding to the $721 million that was already authorized under the program, the Sunnyvale, California-based Intuitive said today in a statement. As part of the program, Intuitive will buy back $500 million of its shares from Goldman Sachs Group Inc., with the majority expected to be bought within two weeks.