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Newell Brands stock jumps after $2.5 billion added to stock repurchase program

Newell Brands Inc.'s stock NWL, +0.86% jumped 2.nine% in premarket business Monday, after the consumer goods company said it boosted its stock buyback program by means of $2.5 billion. That adds to the $1.1 billion ultimate in its up to now announced repurchase program. Based on Friday's stock last worth of $24.68, the brand new $3.6 billion program could allow the repurchase of about 145.nine million stocks, which might be about 30% of the stocks remarkable. The company, which manufacturers include Paper Mate, Elmer's, Oster and Yankee Candle, said it continues to expects about $10 billion in proceeds from deliberate asset divestitures, which will probably be used to pay down debt and buy again stock. The stocks had lost 20% yr to date thru Friday, whilst the S&P 500 SPX, +0.31% had gained 3.nine%.