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Qualcomm Shares Jump on $16 Billion Buyback Program

Kevin Curran

shares reached a nearly four-year high on Thursday as the company announced an accelerated share buyback program with major banks. The San Diego-based chip maker's stock soared 4% to $74.61 on Thursday following the company's announcement, which outlines an accelerated $16 billion share buyback program that will help build toward a projected $30 billion total buyback. "We are pleased to initiate this significant accelerated share repurchase as we continue to execute on our previously announced $30 billion stock repurchase program," Qualcomm CEO Steve Mollenkopf said in a statement.