(Updates with the latest stock movement in the first paragraph and headline.)
American Eagle Outfitters (AEO) shares were up more than 8% in recent trading Monday after the company entered into an accelerated share repurchase agreement with Bank of America (BAC) to repurchase $200 million of its common stock.
Based on Friday's closing price, the company said it would purchase about 18.1 million shares, representing roughly 9.5% of its diluted outstanding stock.
The accelerated share repurchase is part of the company's existing share repurchase authorization of 68.5 million shares, it added.
Price: 12.02, Change: +0.96, Percent Change: +8.63
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