Smith & Nephew Surges on $500 Million Buyback Plan, Profit Beat

Smith & Nephew Plc surged after reporting better-than-expected earnings and announcing a $500 million share buyback, rewarding shareholders after a years-long turnaround effort.

The stock rose as much as 17% in London trading, the biggest gain in more than four years, bringing the year’s gain to 30%. The medical-device manufacturer’s operating profit climbed 31% to $429 million in the first half, more than the $376.1 million estimated by analysts surveyed by Bloomberg.