Robinhood's stock jumps 4% after $1 billion buyback unveiled
By Claudia Assis
Robinhood expects its program to last a few years
Shares of Robinhood Markets Inc. rose 4% in the extended session Tuesday after the online broker said its board approved a $1 billion share-buyback program.
Robinhood (HOOD) said the program does not have an end date, but it expects to have it over a period of two to three years, beginning in the third quarter.
Robinhood earlier this month reported first-quarter results that were well above Wall Street's expectations, saying it snapped up business from brokerage rivals and made inroads with paying subscribers.
Robinhood shares are up around 60% so far this year, compared with an advance of about 11% for the S&P 500 index SPX.
-Claudia Assis
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
05-28-24 2012ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks
United States