Sony Surges After Announcing Another Record Stock Buyback
- Company will buy up to 4.8% of its shares through March 2020
- CEO Yoshida spending big chunk of cash reserves on buybacks
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Sony Corp. jumped to its highest since December after Chief Executive Officer Kenichiro Yoshida unveiled another record share buyback just months after completing a similar program.
The Tokyo-based company soared as much as 8.8% on Friday after announcing it will purchase as much as 4.8% of its outstanding shares, spending up to 200 billion yen ($1.8 billion). The repurchase period begins Friday and lasts till March 31. That comes after it spent 100 billion yen from February to buy 1.5% of stock, then the largest buyback in history in terms of value.