MarineMax Spikes 10% After Company Announces Share Buyback Plan

Shares of MarineMax Inc HZO surged higher by 10 percent on Monday after the company's Board of Directors authorized a new stock repurchase program. MarineMax noted that its Board of Directors is now authorized to acquire up to 1.25 million shares of its common stock through February 28, 2018. The new plan replaces a prior authorization of up to 1 million which of which 772,716 shares had already been repurchased. MarineMax added that it plans on repurchasing stock to mitigate the dilutive effect of stock options and that shares which it buys could be reserved for later reissue in connection with employee benefit plans and other general corporate purposes.