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Avista Board OKs 4 Mln Share Repurchase Program

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Avista Corp. (AVA: Quote) said Friday that its board of directors has approved the repurchase of up to 4 million shares of the company's outstanding common stock, conditioned upon the consummation of the planned sale of Ecova, Inc., which was announced on May 29.

Repurchases of common stock will commence on the later of the date of the closing of the Ecova sale or July 7, and will not continue past December 31.

Repurchases of shares will be funded with the expected net proceeds from the planned sale of Ecova and other available cash on hand.

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by RTT Staff Writer

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After turning lower over the course of the previous session, stocks are likely to move back to the upside in early trading on Thursday. The major index futures are currently pointing to a sharply higher open for the markets, with the Dow futures up by 136 points. U.K. retail sales declined more-than-expected in September, driven by a sharp contraction in clothing sales. Retail sales fell 0.3 percent in September from a month ago, when it rose 0.4 percent, the Office for National Statistics said Thursday. This was the first drop in four months. Economists had forecast a 0.1 percent drop for September. Food sales recovered in September. The private sector in the eurozone logged a marginal upturn in October helped by an improvement in Germany, while France moved deeper into contraction, flash data from Markit Economics revealed Thursday. The headline flash Markit composite output index rose to 52.2 in October from a 10-month low of 52 in September. The score was forecast to fall to 51.5.
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