Why Investors Were Banking on Banco Macro Stock Today

Argentinian lender Banco Macro (NYSE: BMA) is preparing to spend millions of dollars on buying back its own stock, and investors were over the moon about it. They expressed this by pushing the South American bank's American Depositary Receipts (ADRs) up by over 17% that trading session. That performance obliterated the S&P 500 (SNPINDEX: ^GSPC), which sank by 0.3%. Banco Macro announced the share repurchase program after U.S. market hours Wednesday, stating that its board of directors has authorized up to $225 billion Argentine pesos ($157 million) in such buys of its Class B stock listed in that country. Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool