Lam Research Shares Advance on New $10 Billion Buyback, Stock Split
By Dean Seal
Shares of Lam Research gained after the company approved a $10 billion buyback plan and said it would enact a 10-for-one stock split in the fall.
The stock was up 4.2% at $982 in premarket trading. Shares were trading at around $589 this time a year ago.
The chip-making equipment provider said Tuesday morning that its board has approved a new $10 billion share repurchase authorization that will supplement the remaining balances of prior authorizations.
The company has also set a 10-for-1 split of its common stock that will become effective after the market closes on Oct. 2.
The split is intended to help more of the company's employees participate in stock plans, while the buyback is part of Lam's strategy to return 75% or more of its free cash flow to shareholders, Chief Financial Officer Doug Bettinger said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 21, 2024 09:06 ET (13:06 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks