GrubHub authorizes $100 million stock buyback
Shares of GrubHub Inc. jumped more than 8.5% in premarket trade Monday after the company authorized a $100 million stock buyback program, and said it plans to negotiate terms of a credit facility of up to $200 million to increase its financial flexibility and aggressively pursue growth opportunities. GrubHub also pre-announced fourth-quarter sales results, which were slightly above expectations. It is anticipating revenue at the high-end of its $98 billion to $100 billion range, versus the FactSet consensus estimate of $99.3 billion. Shares of GrubHub had been down 38% over the last three months, as of Friday's closing price of $19.17. They were on track to open around $21 on Monday
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