Qualcomm stock rises on $10 billion buyback plan

Qualcomm stock rises on $10 billion buyback plan

Qualcomm stock rises on $10 billion buyback plan

Qualcomm Inc.
QCOM,
-1.59%

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
SPX,
-0.24%
,
a 22% gain on the tech-heavy Nasdaq Composite Index
COMP,
-0.14%
,
and a 31% gain on the PHLX Semiconductor Index
SOX,
-1.34%
.