Internet Gold Golden Lines Ltd. (Nasdaq:IGLD) shares are up more than 7% in pre-market trading today after the Israel-based communications company announced late Sunday that Microsoft Corporation (Nasdaq:MSFT) will operate its MSN portal in Israel independently beginning in October. The company also announced early today its board of directors authorized the repurchase of about $21 million worth of ordinary shares. The company said this is the second repurchase program to be authorized.

Ahead of today’s opening bell, shares of Internet Gold are at $7.12, up $0.51 from Friday’s close.

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