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Broadcom shares rise on plan to buy back up to $12 billion in stock

Broadcom Ltd. AVGO, -0.37% stocks rose within the prolonged session Thursday after the chipmaker introduced a large proportion buyback plan that have been anticipated after its deal to acquire Qualcomm Inc. QCOM, +0.35% fell apart. Broadcom stocks rallied 4.five% after hours, following a nil.4% decline to close at $239.43 Thursday. Broadcom stated its board approved the repurchase of up to $12 billion in stocks out to Nov. 3, 2019. "We are maintaining our policy of delivering 50% of trailing 12-month free cash flow to shareholders in the form of dividends while adding the ability to use the balance of our free cash flow not only for acquisitions but also for opportunistic buybacks," stated Tom Krause, Broadcom's leader monetary officer, in a observation. In mid-March, Broadcom withdrew its be offering to shop for Qualcomm after the deal used to be blocked through President Donald Trump, and analysts stated the company would most likely pursue proportion buybacks.