Intel boosts buyback limit by $10 billion |
| MarketWatch - Jan 24, 2011 |
Shares of Intel Corp. edged higher Monday after the chip giant announced that it is boosting its buyback authorization limit by $10 billion.
Intel /quotes/comstock/15*!intc/quotes/nls/intc (INTC 21.15, +0.33, +1.56%) shares added 1% to $21.
The Santa Clara, Calif.-based semiconductor maker said its board of directors has approved a plan to increase its outstanding buyback authorization to $14.2 billion.
Intel Chief Paul Otellini said the move “signals confidence in our fundamental business strategies both today and looking forward, allowing us to return more cash to shareholders.”
Otellini also said the company “achieved its best and most profitable year ever” in 2010.
However, the company may be facing a more challenging year in 2011.
FBR Capital analyst Craig Berger noted that “currently, visibility into PC shipments following Chinese New Year remains limited.”
Read Full Article from MarketWatch
- Posted: 2011-01-24 10:23:29
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