Norwegian Cruise Line sets $1 billion stock repurchase program
Norwegian Cruise Line Holdings Ltd.'s stock rallied 3.1% in premarket trade Wednesday, after the cruise operator announced a three-year program to repurchase up to $1 billion worth of its shares. Based on Tuesday's stock closing price of $53.88, the program could buy back 18.6 million shares, or 8.3% of the shares outstanding. "Our strong and growing cash flow will allow us to deepen our commitment to provide returns to our shareholders, while continuing to invest in our product, innovation and growth," said Chief Executive Frank Del Rio. Separately, the stock was reportedly upgraded at Deutsche Bank. The stock has slumped 8.5% over the past three months, while the S&P 500 has lost 3.3%.