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CLNE - Why Clean Energy Fuels' Shares Popped 46.3% on Friday
Clean Energy Fuels Corp.
Shares of natural gas fuel company Clean Energy Fuels Corp(NASDAQ: CLNE) jumped a whopping 46.3% in trading late on Friday after the company announced a big stock repurchase program. Shares happened to close at their high today, showing that investors were pushing the stock higher all day.
The big news was a $30 million stock repurchase program that was approved by Clean Energy Fuels' Board of Directors. The fact that a company with a market cap of just over $200 million at the close yesterday announced such a big repurchase program shows how bullish management is on the stock.