Alaska Air to repurchase up to $50M in stock

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SEATTLE (AP) -- Alaska Air Group Inc. said Monday that its board approved the repurchase of up to $50 million in company stock.

The parent of Alaska Airlines said it would finance the buyback with cash on hand.

The company said it has repurchased 7.5 million shares for nearly $212 million over the past four years.

Before Monday, Alaska shares had fallen 12 percent since hitting a 52-week high of $70.07 in mid-May. In afternoon trading, they rose $1.27, or 2.1 percent, to $62.82.