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shares had been rising in prolonged buying and selling Tuesday after the cell chip maker introduced plans for a $10 billion inventory buyback.
The corporate (ticker: QCOM) mentioned its board permitted the inventory repurchase authorization, which is efficient instantly and has no expiration date. It famous the entire is along with $900 million in repurchase authority from a July 2018 program.
Qualcomm inventory was up 1.4% to $124.68 in after-hours buying and selling, practically bouncing again from a 1.6% drop in Tuesday buying and selling. That drop adopted a observe from Wells Fargo analyst Gary Mobley, who opted to chop his expectations for shares moderately than improve the inventory amid its newest slide.
Qualcomm shares are down 17% this yr.
Mobley lowered his value goal on the inventory to $138 from $155 in