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Thursday, Nov 30, 2023

ReachLocal Surges on Buyback

Shares of online advertising company ReachLocal Inc. gained nearly 8 percent on Monday after the company announced it was expanding its buyback program. The board of the Woodland Hills company authorized $21 million to repurchase shares on the open market. With the capital, the program has about $30 million available to purchase more shares, out of a total authorization of $47 million, the company said. ReachLocal started the buyback program with a commitment of $20 million in November 2011 and added $6 million in December 2012. Since the program started, the stock price has increased by 58 percent. ReachLocal shares gained 99 cents to close at $13.50 on the Nasdaq.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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