Chipmaker Broadcom Inc (AVGO.O) said on Thursday it would buy back up to $12 billion of its common stock, sending its shares up 4.5 percent to $250 in extended trading.

Broadcom moved back to the United States from Singapore earlier this month, following U.S. President Donald Trump’s decision to block its $117 billion offer to buy Qualcomm on national security concerns.

The San Jose, California based company has about 411 million outstanding shares and a market value of about $98.71 billion as of Thursday’s close.

By: DocMemory
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