Wingstop enters accelerated share repurchase agreement

Wingstop Inc.
WING,
+1.91%
said Thursday it has entered an accelerated share repurchase agreement with Morgan Stanley. The move is part of its previously announced $250 million share buyback program, and $125 million will remain available once the ASR is completed. The operator of chicken restaurants said it will fund the program with cash on hand and will receive an initial delivery of about 567,000 shares. The stock is up 1% premarket and has gained 20% in the year to date, while the S&P 500
SPX,
+0.48%
has gained 15.5%.