Micron Technology shares jumped in value at the opening bell of the NASDAQ exchange this morning after the Boise-based company announced that it would purchase $1 billion of stock in a buy-back program.
"Our business continues to generate strong operating cash flows, enabling us to invest in our strategic growth initiatives while also returning capital to investors," said Chief Financial Officer Ron Foster in a company statement issued this morning. "This share repurchase authorization represents an additional avenue to return excess capital to investors and enhance long-term shareholder value."
Micron said it would repurchase the stock on the open market or through "private transactions."
At the opening NASDQ bell, Micron Technology stock jumped nearly 4 percent in value, hovering near $32.20 per share.