Standard Pacific OKs $5 Million Buyback

Standard Pacific Corp.’s board approved the repurchase of an additional $5 million in shares, increasing its stock buyback program to $25 million, the Costa Mesa home builder said Thursday. Standard Pacific said it has repurchased 1.5 million shares to date, for a total of $10.2 million.

The company’s stock, which last lost more than 25% of its value this year, closed Thursday at $10.50, up 13 cents a share. (Dow Jones)