Comerica Pops on Stock Buyback Announcement (CMA)

Shares of Comerica Inc. CMA are popping higher in the after-hours after the company said that its board of directors authorized a stock and warrant buyback. Shares are currently higher by 3.16%, trading at $37.90. The board authorized CMA to purchase up to 12,576,281 shares, or about 7 percent of its outstanding common stock, as well as outstanding warrants to purchase up to 11,479,592 shares of the corporation's common stock. The shares and the warrants may be purchased from time to time in the open market or otherwise. The shares may be held as treasury stock or retired. The new repurchase program will supersede the corporation's prior share repurchase programs.