Oakley Board Authorizes Repurchase of Up to 3 Million Shares

Oakley Inc.’s board authorized the repurchase of up to 3 million common shares in the open market as market conditions warrant.

The stock, which has sagged recently, “represents an attractive investment opportunity,” said Mike Parnell, chief executive officer of the manufacturer of designer sunglasses and goggles. “We are confident there has been no change in the fundamentals of our business,” he added.

Oakley’s stock tumbled more than 21%, even though the company reported solid increases in earnings and revenue for the third quarter. The stock rose 62.5 cents Monday to close at $15.75 in trading on the New York Stock Exchange.

The company said it has 71.4 million shares of common stock outstanding.