Reply #78: Linear Hits New Year High on Buyback

[citizen snips]

NEW YORK (AP) -- Linear Technology Corp., a maker of mixed-signal analog processors, jumped in Thursday's trading for the second consecutive day, driven by the company's announcement of a substantial stock repurchase program.

The company said it would buy back roughly $3 billion in shares of common stock with the proceeds from a $1.7 billion convertible note offering and with existing cash on hand.

Thanks to the buyback announcement, the stock rocketed 12 percent on Wednesday to a closing price of $36.04. The rally continued on Thursday when shares of Linear Technology, which have traded between $27.80 and $36.62 over the last 52 weeks, climbed $1.38, or 3.8 percent, at $37.42 on the Nasdaq Stock Market.

Earlier in the session shares set a new 52-week high of $37.46.

more...
http://biz.yahoo.com/ap/070419/linear_technology_second_look.html?.v=1