The board of Newport Corp. has authorized...

The board of Newport Corp. has authorized its second stock repurchase program this year. Citing low prices resulting from last month’s stock market crash, the company said it will buy up to 500,000 more shares of its 8.7-million common shares outstanding. In May, the Fountain Valley-based company announced its intent to buy back up to 1 million shares, or approximately 11% of the total shares outstanding. To date, 775,000 shares have been bought, at an average price of $10 per share, the company said. Newport’s stock closed at $8.125 per share Friday. Newport manufactures instruments, components and accessories for the laser and electro-optical markets.