Stock Buyback OK Boosts SM&A; Shares 34%
SM&A; Corp.’s stock emerged from a slump Wednesday, surging more than 34% after the Newport Beach-based provider of management services said its board has authorized the company to repurchase up to 300,000 shares.
The shares climbed $3 to $11.75 on volume of 629,100 shares, more than eight times the daily average over the last three months.
The company said it plans to buy back shares from time to time because it believes the stock has been undervalued. Before the surge Wednesday, the stock had lost about 75% of its value over a 2 1/2-month period, hitting a 52-week low of $8 a share Tuesday.
The shares slumped 31% on Sept. 30 after the company said third-quarter revenue would fall below expectations because of delays in some of its projects.
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