Fuel refiner and seller Sunoco Inc., of Philadelphia, said it will repurchase up to $500 million of its outstanding common stock.
Chief executive Lynn L. Elsenhans called the move an "appropriate and strategic use of the company's cash while still allowing the flexibility to continue pursuing growth in our retail and logistics businesses."
Shares closed up $1.17, or 3.91 percent, to $31.11. As of June 30, Sunoco had approximately 121.6 million shares outstanding. - Reid Kanaley