Gogo surges 11% after buyback announcement

Gogo (GOGO.US), US provider of in-flight broadband Internet for business aircraft, is one of the best performing US stocks today. Shares are surging 11% after the company announced yesterday in the evening that it will buy back own shares worth $50 million. The buyback plan represents around 3.5% of the company's pre-announcement market capitalization.

Taking a look at the company's chart at weekly interval (W1), we can see that the stock managed to halt recent downward move at the $11.15 swing level and is now attempting to climb back above a long-term price zone in the $12.40 area. Return above this hurdle could mean that the sideways move may be resumed in the previous $12.40-17.40 range until outlook for the company improves.

Source: xStation5

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