FedEx to Repurchase Up to 5 Million More Shares

FedEx Corp., the world’s largest overnight delivery company, said Monday that its board approved plans to repurchase as many as 5 million common shares in addition to the 3.1 million previously authorized.

FedEx Chairman Frederick Smith said the buyback demonstrated the Memphis-based company’s confidence in its long-term growth. FedEx shares gained 56 cents to $64.30 in NYSE trading.