(NYSE: UBER) stock is posting big gains in Wednesday's trading. The company's share price was up 11.4% as of noon ET today, according to data from S&P Global Market Intelligence.

Uber published a press release before the market opened this morning announcing that it would be buying back stock for the first time in its history. The announcement said that the company's board of directors had authorized up to $7 billion in share repurchases.

It's also possible that Uber stock is getting a lift from recent results published by a major competitor.

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Source Fool.com