Should Investors Cheer SINA's $500 Million Buyback?
SINA's (NASDAQ: SINA) stock recently rallied after the Chinese tech company announced a new $500 million buyback plan for the next 12 months, which replaces its previous $500 million buyback plan for 2019.
$500 million equals about 17% of SINA's current market cap, which could give the stock a big boost if it's fully executed. However, investors should note that SINA only spent $82.1 million of its prior authorization to buy back 2.2 million shares last year.
Image source: Getty Images.
Source Fool.com
