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Qualcomm stock rises on $10 billion buyback plan

Qualcomm Inc. (QCOM) shares rose in the extended session Tuesday after the chip maker said its board had authorized $10 billion in share repurchases. Qualcomm shares rose 1.6% after hours, following a 1.6% decline to close the regular session at $122.95. The company said the new $10 billion plan adds to its buyback program announced in July 2018, which has $900 million of buyback authorization remaining. Qualcomm shares have declined 3% over the past 12 months, compared with a 23% rise in the S&P 500 index , a 22% gain on the tech-heavy Nasdaq Composite Index , and a 31% gain on the PHLX Semiconductor Index .

-Wallace Witkowski

 

(END) Dow Jones Newswires

10-12-21 1703ET

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