Dow Jones Newswires

Alcoa authorizes $500 million in share buybacks

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Alcoa Corp. said Thursday it will launch a new $500 million stock buyback program.

The move will bring the total amount of shares it can repurchase up to $650 million. The aluminum maker said that it had $150 million of share buybacks left from a previous authorization.

Alcoa’s shares AA, -1.48% rose 5.6% after hours to $51.28 after the company beat analysts’ earnings and sales expectations for the third quarter.

Write to Kimberly Chin at [email protected]