BUZZ-Broadcom rises on $10 bln stock buyback plans

Reuters
04/08
BUZZ-Broadcom rises on $10 bln stock buyback plans

** Broadcom's AVGO.O shares up 3% to $158.77 in post-market trading as chipmaker looks to buy back some of its stock

** Palo Alto, California-based firm announces new $10 bln share repurchase program through Dec 31, 2025

** Co says program reflects board's confidence in the strength of its diversified semiconductor and infrastructure software product franchises

** AVGO shares finished session up 5.4% at $154.14 on Mon, snapping 2-day losing streak as equities gyrated amid escalation of trade wars .N

** With 4.7 bln shares outstanding, co has roughly $725 bln market cap, per LSEG data

** YTD, stock down 33.5% vs Philadelphia semiconductor index's .SOX ~26% decline and S&P 500 Tech sector's .SPLRCT 22.5% drop

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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