Fiserv shares surge after adding $ 6.5 billion in shares to its buyback program

<p>Shares of Fiserv Inc. FISV, + 0.04%, rose 1.9% in pre-market trading on Thursday, after the financial technology and payments company said it increased its share buyback authorization by 60 million shares. Based on Wednesday’s closing share price of $ 107.97, the shares could be valued at $ 6.48 billion, representing approximately 8.9% of Fiserv’s market capitalization of $ 72, 39 billion. The company said the new authorization is in addition to the remaining shares under the existing authorization, which Fiserv revealed last month to be 7.5mn shares as of September 30. The shares have lost 6.6% to date through Wednesday, while the S&P 500 SPX, -0.67%, has gained 10.4%.