JA Solar Soars On $100M Stock Buyback Plan
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JA Solar shares are trading dramatically higher Thursday morning after the China-based solar products company announced that its board has authorized the repurchase of up to $100 million of the company’s ADRs. As of Wednesday’s close, the company had a market cap of only $182 million; the repurchase plan would cover 55% of the company’s outstanding shares.
At December 31, JA Solar’s balance sheet showed $632 million in cash, offset by $746.8 million in long-term debt.
JASO this morning is up 18 cents, or 19.4%, to $1.11.
