Shares of Align Technology Inc.
ALGN,
bounced 1% off a more than 10-month low in premarket trading Friday, after the maker of Invisalign orthodontic products announced a $250 million accelerated stock repurchase program. The ASR comes a day after the stock plummeted 24.9%, the biggest one-day selloff since it plunged 27% in July 2019 to close at the lowest price since Dec. 8, on the back of a disappointing earnings report. The $250 million ASR, which would represent about about 1.7% of the company’s market capitalization of $14.58 billion, is part of the company’s $1 billion share repurchase authorization announced in January. In addition to the ASR, Chief Executive Joe Hogan said he plans to personally buy $1 million worth of Align’s stock. The stock has plunged 50.5% over the past three months through Thursday, while the S&P 500
SPX,
has lost 8.8%.
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