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Pep Boys Announces $50 Mln Stock Buyback Program

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Pep Boys - Manny, Moe & Jack (PBY: Quote) said Wednesday that its board of directors has authorized a program to repurchase up to $50 million of the company's common stock.

The program is effective immediately and has no expiration date.

"Based on current market prices, we believe that our stock is undervalued and that the repurchase program is a good investment of available cash on hand and future cash flows," said President & Chief Executive Officer Mike Odell.

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by RTT Staff Writer

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