Amazon shares bounce on news of $5B buyback

Amazon boxes are seen stacked for delivery in New York City. said Wednesday it may buy back up to $5 billion in stock over the coming years.

Shares rose more than 2 percent in after-hours trading on the news. The company said the program does not have a set expiration time.

Amazon said this buyback would replace a $2 billion authorization from 2010.

As of Dec. 31 it had used just $1.24 billion of that prior program.

The new buyback comes amid weakness in the stock, with shares down 28 percent from their recent high on Dec. 29.

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[“source -cncb”]