Bed Bath & Beyond Announces $2 Billion Buyback, Shares Up 6.3% (BBBY)

Shares of Bed Bath & Beyond Inc. BBBY are trading up 6.3% at $50.66 per share during the Thursday morning trading session. The company announced on Wednesday after the market closed that it planned a $2 billion share repurchase program. Chief executive officer Steven Temares said, "Our Board took this action based upon its continued confidence in our Company's long-term growth potential, financial outlook and cash flow generation. It is currently anticipated that this new $2 billion share repurchase program will be funded from current cash and from present and expected future cash flows. That said, our company's board of directors continues to review our capital structure on an ongoing basis. In addition to providing value to our shareholders through share repurchase programs, our strong operations should allow us to continue to invest in our infrastructure and maintain our flexibility to take advantage of opportunities as they may arise." Bed Bath & Beyond Inc also forecast net earnings per diluted share to be approximately 91 cents to 95 cents for the fiscal 4th quarter of 2010 and approximately $2.86 to $2.90 for the full fiscal year of 2010. The day's trading range for shares of Bed Bath & Beyond Inc. (BBBY) has been between $49.88 and a 52-week high $50.95 per share. Analysts covering Bed Bath & Beyond Inc stock give it a consensus price target of $50.33 per share. Trading volume for Bed Bath & Beyond Inc has been heavy, with 4.6 million shares having been traded today, nearly double the daily average volume of 2.5 million shares. Bed Bath & Beyond Inc and subsidiaries is a chain of retail stores, operating under the names of Bed Bath & Beyond, Christmas Tree Shops, Harmon, Harmon Face Values and buybuy BABY. Read more from Benzinga's Company news.