Wendy Stock raises stock buyback program from $80 million to $300 million as net income rose 3.5% to $41 million.

Wendy’s reported its earnings on Wednesday and the report beats Wall Street estimate but also it missed on same-restaurant sales. As a result, Wendy's shares dropped 7.12 percent in one day to close at $21.40 per share.

The majority of Restaurant businesses are affected by the pandemic and most have to adjust or focus on online orders and food delivery service orders in other to stay in business.  Wendy’s (WEN) shares haven’t performed well in the past year, it is down 6.04% in the past year, and it is up only by 1.22% year to date.

With the stock selling at $21.64 per share right now, stock buyback is a good program that may make the company more attractive and possibly increase the share price value in the near future.

Wendy’s notable number from the earnings report for the quarter ended Oct 3.

Net income rose 3.5 to $41.1 million or 18 cents per share from $39.7 million or 17 cents per share, compared to the earnings numbers a year ago.  "We continued to grow our breakfast business, digital sales accelerated, and we meaningfully expanded our global footprint in the third quarter," President and Chief Executive Todd Penegor said in a statement.