H&R Block Shares Surge After Tax Preparer Announces Buyback Plan
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H&R Block Inc., the biggest U.S. tax preparer, jumped the most of any company in the Standard & Poor’s 500 Index after announcing a long-awaited share repurchase plan.
The shares climbed 7.8 percent to $35.53 at 9:33 a.m. in New York, compared with the 1.1 percent advance of the benchmark index. H&R Block will start a modified Dutch auction on Wednesday for as much as $1.5 billion in stock, about 16 percent of its market value, the Kansas City, Missouri-based company said in a statement Tuesday.