BUZZ-ADM rises after announcing stock buyback boost

Reuters12-12
BUZZ-ADM rises after announcing stock buyback boost

** Shares of global grain trader Archer-Daniels-Midland ADM.N lift on Weds after news of buyback boost

** ADM shares rise as much 1.7% to $52.97 shortly after the late-morning announcement. Shares last up 0.9% at $52.55

** Chicago-based firm said board approved purchase of additional 100 mln shares, and extended the program another five years

** Program now authorizes purchase of 300 mln shares through 2029, co says, adding that there are now ~114.8 mln shares available for future repurchase

** ADM has ~478.5 mln shares outstanding, giving co current market cap of $25 bln, per LSEG

** Last week, co said it expects a "challenging" commodities cycle continuing, and that possible tariff battle between the U.S. and China could upend global trade flows as soon as Jan

** With move on Weds, ADM shares down 27% YTD vs S&P 500 Consumer Staples sector's .SPLRCS 17% advance

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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