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Franklin Resources boosts stock buyback program after shares close at near 2-year low

Shares of Franklin Resources Inc. BEN, -1.84% climbed 0.7% in premarket trade Thursday, after the investment management corporate larger its stock repurchase program, which may well be valued at as much as $2.6 billion at present share prices. The building up comes after the stock has plummeted 25% year to this point to near Wednesday on the lowest degree since July 5, 2016, while the S&P 500 SPX, -0.55% has slipped 1.2%. The corporate mentioned it will probably now purchase as much as an additional 80 million stocks, 14.8% of the stocks outstanding, in addition to the 15.9 million stocks final in the earlier program. At Wednesday's last price of $32.43, the extra authorization may well be value $2.60 billion, in addition to the $515.6 million final in the earlier program.