Qualcomm shares rise on buyback, dividend boost
Qualcomm shares rise as company announces new stock buyback plan, raises its dividend
Qualcomm Inc. shares jumped Tuesday after the wireless chip maker boosted its dividend and announced a new $3 billion stock buyback program.
The company's stock rose $2.37, or nearly 7 percent, to close at $37.93.
The company said late Monday that its directors approved the repurchase of up to $3 billion worth of stock — a move that will boost Qualcomm's bottom line — and raised the company's quarterly dividend by 12 percent.
The new buyback program has no expiration date. The quarterly dividend is rising by 2 cents to 19 cents per common share, effective for dividends payable after March 28.
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