UBER Stock Skyrockets on Inaugural Buyback Announcement

Shares of Uber Technologies (UBER) performed exceedingly well on Feb 14, ending the trading session at $79.15 per share, up 14.73% from Feb 13’s closing price. The uptick followed management’s announcement that it would be buying back stock for the first time in its history, thereby rewarding its shareholders.The board of directors of the ride hailing company authorized up to $7 billion in share repurchases. The decision to buyback its own stock suggests that the board believes shares are currently underval ...