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Shares in US tech firm Intel are trading a little under 0.5% lower pre-market on Thursday.
The sell-off comes despite news that Intel has actioned a $10 billion stock buyback operation.
The company announced on Wednesday that it is entering into an accelerated repurchase agreement to reclaim $10 billion in company stock.
166 Million Shares to be Repurchased
Intel noted that by the completion of the program, it will have bought back $17.6 billion in shares. The company announced its stock buyback plan in October 2019.
Based in California, Intel said it will re-purchase 166 million shares under the terms of one its current buyback agreements which is due to complete at the end of this year.
Commenting on the company’s outlook, Intel CEO Bob Swan said:
“While the macro-economic environment remains uncertain, Intel shares are currently trading well below our intrinsic valuation, and we believe these repurchases are prudent at this time”.
19% Fall in Share Price
Shares in Intel have fallen ...
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