Cooper Tire & Rubber Co. (CTB)

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Cooper Tire & Rubber Authorizes Buyback
Friday November 16, 4:38 pm ET
Cooper Tire & Rubber Board Authorizes Repurchase of Up to $100 Million in Stock

FINDLAY, Ohio (AP) -- Tire manufacturer Cooper Tire & Rubber Co. said Friday its board of directors authorized the repurchase of up to $100 million of the company's stock.

As of Sept. 30, the company had about 63.5 million shares outstanding.

The company said the authorization cancels its previous buyback plan approved in February 2005.

Cooper Tire & Rubber shares fell 69 cents, or 4.5 percent, to close at $14.67, but climbed 83 cents, or 5.7 percent, to $15.50 in aftermarket trading.