Thermo Fisher sets new $4 billion stock buyback program, about 2 weeks after shares hit a 3-year low

Shares of Thermo Fisher Scientific Inc.
TMO,
+3.32%
were little changed in premarket trading Tuesday, after the analytics, diagnostics and laboratory services company announced a new $4 billion stock repurchase program. The new program represents about 2.3% of the company’s market capitalization of $171.99 billion as of Monday’s close. The company said the new buyback program, which has no expiration date, replaces the existing program that had $1 billion in repurchase authorization remaining. The stock, which closed at a three-year low of $431.41 on Oct. 27, has tumbled 17.6% over the past three months through Monday while the S&P 500
SPX,
+1.93%
has slipped 1.7%.