Qualcomm Inc. announced on Sept. 13 that it plans to buy back an additional $16 billion in stock.
The move adds to a $30 billion stock repurchase program announced in late July, when the company said it would drop its plans to acquire NXP Semiconductors.
The news, announced before the market opened Sept. 13, sent shares up roughly 4 percent to close at $74.61, a new 52-week high.
Qualcomm (Nasdaq: QCOM) is buying its shares with cash. The business said it entered accelerated share repurchase agreements with Bank of America, Citibank and Morgan Stanley & Co. LLC. BNP Paribas Securities Corp. served as structuring adviser to Qualcomm on the transaction.