Shares of Warren Buffett's Berkshire Hathaway soared today, putting them right around the upper limit of the company's surprise stock buyback authorization announced this morning.
The Class A stock closed 8.1 percent higher, its best one-day gain since soaring 15.9% from Berkshire's credit-crisis closing low of $73,195 on March 10, 2009.
Today's gain puts Berkshire A shares at $108,449.
Perhaps not coincidentally, that's right around our best estimate of a potential buyback's upper price barrier.
Today's news releasesays management (read Buffett) is authorized, but not required, to buy back shares "at prices no higher than a 10% premium over the then-current book value of the shares."
Since only the company knows its book value on a day-to-day basis, our most recent hard number is from Berkshire's latest quarterly filing.
