Shares of Zebra Technologies Corp. were indicated up about 2% in premarket trading Tuesday, after the maker of automatic identification and data capture products boosted its share repurchase authorization by $1 billion. the company said the new authorization supplements the $1 billion program announced in July 2019, which has about $200 million remaining. The approximately $1.2 billion in repurchase authorization the company now has represents about 6.9% of Zebra’s market capitalization of $17.29 billion as of Monday’s close. “Our strong balance sheet and free cash flow profile provide us the flexibility to return capital to shareholders while continuing to pursue organic and inorganic investment opportunities that advance our Enterprise Asset Intelligence vision,” Chief Executive Anders Gustafsson said. The stock has tumbled 44.7% year to date through Monday, while the S&P 500 has declined 15.9%.
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