ReachLocal Looks To Buy Back $20M In Shares

Woodland Hills-based ReachLocal, the firm which helps small and medium sized businesses place online advertising, said today that it has approved a $20M, share repurchase program. The publicly traded firm said that the effort reflects the "continued confidence" of its board and management in the strength of its business. Share repurchases are fairly unusual in the technology business for companies, however, ReachLocal's stock has recently hit when it missed its Q3 estimates earlier this week, and when it said it expected to see challenges in the coming quarter. The firm is now trading near its 52 week low.