Alliance Data approves new $500 million stock buyback program
Alliance Data Systems Corp. said Monday it has approved a new $500 million stock buyback program. The new program will begin Aug. 1, and replace the current program expiring July 31. Based on Friday’s stock closing price of $227.34, the data-driven marketing company could buy back 2.2 million shares, or about 4% of the shares outstanding. The stock, which was still inactive in premarket trade, has lost 10% year to date, while the Dow Jones Industrial Average has gained 3%.