Verizon (VZ) surged 11.5% in late trading Friday after its board of directors announced the authorization of a new share repurchase program for up to $25 billion of the company's common stock. The program will remain in effect until the total purchase price of shares repurchased reaches $25 billion (excluding fees and expenses), or until it is superseded by a new plan. Repurchases may be made through open market transactions, privately negotiated deals, or plans compliant with Rule 10b5-1 or Rule 10b-18 of the Securities Exchange Act of 1934. Verizon anticipates repurchasing at least $3 billion of common stock under this authorization in 2026.