Tech Shares Inching Higher; Qualcomm Rising After Replenishing Stock Buyback Plan with Another $2.7 Bln

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Top Tech Stocks

MSFT -0.27%

AAPL +1.04%

IBM +0.02%

CSCO -0.35%

GOOG -0.16%

Technology stocks are narrowly higher, with shares of technology companies in the S&P 500 gaining about 0.25%.

In company news, Qualcomm Inc ( QCOM ) is up 1.2% at $68.89 a share, climbing as high as $69.72 after directors at the smartphone-components company approved a new $5.0 billion share repurchase program, effective immediately.

The new stock buyback program replaces the company's current $5.0 billion stock repurchase authorization announced in March, which still had around $2.3 billion left for buybacks following QCOM's stock purchases since July 24.

Separately, QCOM said it would be partnering with Paris-listed Technicolor SA (TCH.PA) to produce a new set-top box featuring LTE technology, terrestrial broadcast and the Android operating system. The new SVELTE (Stimulating Video Experience over LTE) portable media center will use QCOM's Snapdragon 600 processor.

TCH.PA shares closed 2.5% higher overseas.

In other sector news,

(+) P, (+12.5%) Names former Microsoft ( MSFT ) executive Brian McAndrews as its new chief executive officer. He replaces Joe Kennedy, who said in March he was leaving the online radio company.

(-) SYMC, (-1.1%) Ani-virus software company is cut to Equalweight from Overweight at Morgan Stanley.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: MSFT , QCOM

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