RIM Launches $1.2B Buyback

WATERLOO, Ontario (TheStreet) -- Research In Motion (RIMM Quote) said it will buy back up to $1.2 billion in common stock, sending shares higher in Thursday's premarket session.

RIM said its board of directors has authorized a $1.2 billion share repurchase program, good for approximately 21 million common shares based on current trading prices. That represents approximately 3.6% of the currently outstanding RIM common shares.

RIM said the repurchase program will remain in place for up to 12 months and will not impact the company's ability to execute its growth plans given the strength of its balance sheet and expected cash flow generation over the next several quarters.

Shares of RIM were rising by $2.20, or 3.8%, to $59.81 in premarket trading Thursday.

-- Written by Robert Holmes in New York.

Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.