Shares of Kulicke & Soffa Industries Inc. gained 1.0% in preamarket trading Thursday, after the semiconductor maker said it would boost its stock repurchase authorization by an additional $400 million to $800 million. The increased authorization represents about 24% of the company’s market capitalization of $3.29 billion as of Wednesday’s close. The duration of the new authorization will also be extended by three years. The current repurchase program had a $492.2 million remaining in authorization, and will expire Aug. 1, 2025. Kulicke & Soffa’s stock has slumped 11.0% over the past three months through Wednesday, while the PHLX Semiconductor Index has shed 10.2% and the S&P 500 has slipped 3.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
