Shares of Abercrombie & Fitch Co. rallied 2.3% in premarket trading Friday, after the apparel retailer announced a new stock repurchase program representing more than 10% of the shares outstanding. The company said it can now buy back up to 7.6 million shares, which at Thursday's closing price of $15.35 would be valued at $116.7 million. Based on about 65.7 million shares outstanding as of June 7, the company could buy back up to 11.6% of the total. "This new share repurchase program reflects our ongoing confidence in our long-term strategy," said Chief Executive Fran Horowitz. The stock, which had closed at a 19-month low on Wednesday, has tumbled 42% over the past three months, while the SPDR S&P Retail ETF has slipped 5.5% and the S&P 500 has gained 3.0%.