Northfolk Southern Corp (NYSE:NSC) announced today in an
8K filing with the SEC that it would buyback an additional 50 million shares after already purchasing 17 million last quarter. The transaction is valued at over $900 million, while the previous transaction was valued at $730 million. The stock is off its high of $56 in May to it's current level around $44. The company is currently trading below enterprise value with a PEG of only 0.84 - making it significantly undervalued. This buying could indicate that the company believes it is at a bottom.
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