Legg Mason Inc. (LM) announced a new capital plan Wednesday morning, which includes the refinancing of $1.25 billion of convertible senior notes. Additionally, Legg Mason's Board of Directors has authorized $1.0 billion for additional share repurchases.
Legg Mason broke out sharply following the announcement and continued to rise until noon. The stock finished up by 1.67 at $24.05 on the highest volume of the year. Legg Mason rebounded from the lows of the year, following a 2 1/2 week decline.
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