UPDATE 3-Penske share buyback approved, stock gains


(Recasts first paragraph, updates share price, adds background on Penske) By Kevin Krolicki DETROIT, Feb 19 (Reuters) - Penske Automotive Group , the No. 2 U.S. auto retailer by revenue, on Tuesday posted operating earnings that edged past Wall Street expectations and said its board had authorized a $150 million share buyback program, sending its shares higher. Excluding charges, Penske posted adjusted earnings from continuing operations of 34 cents per share, flat from a year earlier ...

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