Crocs' stock plummets, board OKs share buybacks

NEW YORK, Nov 1 (Reuters) - Crocs, Inc (CROX.O: Quote, Profile, Research, Stock Buzz), the maker of a popular series of colorful plastic footwear, said on Thursday its board approved an authorization to repurchase up to 1 million shares of its common stock, effective immediately.

The move came after the company's high-flying stock dropped by more than 36 percent following a disappointing revenue and earnings outlook on Wednesday.

Share repurchases under the authorization may be made in the open market or in privately negotiated transactions, the company said. The repurchase authorization does not have an expiration date.

The Niwot, Colorado-based company, whose vibrantly colored shoes, clogs and boots have become a fad in recent years, reported on Wednesday that its third-quarter profit more than doubled.

But its stock fell 24 percent in after-hours trading that day after giving disappointing 2007 earnings and revenue estimates. On Thursday the stock fell $27.01, or 36.1 percent, to $47.74 on the Nasdaq. (Reporting by Steve James)