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09-12-2013, 08:55 PM #1
QUALCOMM BUYING BACK $5 BILLION IN STOCK
QUALCOMM BUYING BACK $5B IN STOCK
Repurchase of shares planned when company thinks the price is right
By Mike Freeman12:01 a.m.Sept. 12, 2013Updated4:21 p.m.Sept. 11, 2013
Qualcomm said Wednesday it has launched a new $5 billion stock buyback program, in which it will purchase its own shares in the open market from time to time when it thinks the price is right.
The company’s board of directors authorized the share repurchase effective immediately. It replaces a $5 billion stock buyback plan launched on March 5. Since July 24, the company has repurchased 40.1 million shares for $2.7 billion.
“This reflects our commitment to returning capital to stockholders while continuing to make substantial investments in new technologies and future growth opportunities,” Qualcomm Chief Executive Paul Jacobs said in a statement. “Since these programs began in 2003, we have returned over $25 billion to stockholders through a combination of stock repurchases and cash dividends.”
The new stock repurchase program has no expiration date. The buybacks will come from the company’s cash reserves, which totaled $30.4 billion at the end of June.
Qualcomm announced the stock buyback after markets closed. It shares ended the day down $2 at $68.09 — likely because of investor disappointment over Apple’s latest iPhones. Qualcomm supplies radios for certain iPhone models.
In early after-hours trading, Qualcomm’s shares gained 71 cents to $68.80 on the repurchase news.
http://www.utsandiego.com/news/2013/sep/12/tp-qualcomm-buying-back-5b-in-stock/NO AMNESTY
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