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New Era sets buyback

New Era of Networks (Nasdaq: NEON) plans to buy back up to 2 million shares.

The business software vendor announced the move on Tuesday, a week after the stock was hammered by several analyst downgrades. New Era had slightly more than 38 million shares outstanding at the end of September.

Shares of New Era traded at 5.79 in afterhours activity on the Island electronic communications network, immediately following the buyback announcement. New Era stock fell 1.625 to 5.375 in Tuesday's regular trading ahead of the news.

"At current levels, we believe NEON stock represents a very attractive investment opportunity for the company," said Rick Adam, chairman and CEO.

New Era ended its latest quarter with $71 million in cash and short-term investmetns.>