Share repurchase programs often indicate that a company believes its stock is undervalued and that it is confident in its financial position, which can be a positive signal to investors. The declaration of a dividend also reflects a commitment to returning value to shareholders. Both actions can lead to increased investor confidence and a potential rise in stock price in the short term. However, the impact may be somewhat tempered by the fact that the new repurchase program is simply replacing an existing one, rather than representing additional buyback activity.