Chipmaker Broadcom Inc. (AVGO) announced that its Board of Directors authorized the buyback of up to $12 billion of its common stock. This was effective immediately on the announcement and extends till the end of Broadcom’s fiscal year 2019 — November 3, 2019. Shares jumped at least 4.4% aftermarket on Thursday following the news.
CFO Tom Krause said Broadcom is on board to deliver 50% of the trailing 12-month free cash flow to shareholders in the form of dividends.
The announcement came as a confidence lifter when the chipmaker was facing flak on its ability to operate as a US company. Broadcom forced to move back to the US from Singapore, shortly after POTUS Trump demanded the company to drop its takeover bid for rival chipmaker Qualcomm (QCOM).
Micron Technology Inc. (NASDAQ: MU) Thursday said its fourth-quarter profit declined from last year, hurt by a sharp fall in revenues. Earnings, however, beat the market’s projection. On an adjusted
Shares of Philip Morris International Inc. (NYSE: PM) were down 1% on Thursday. The stock has dropped over 9% year-to-date. Although the tobacco industry has felt the pinch of inflation,
CarMax, Inc. (NYSE:KMX) reported second quarter 2023 earnings results today. Net revenues rose 2% year-over-year to $8.1 billion. Net earnings were $125.9 million, or $0.79 per share, compared to $285.2 million,