Published May 21, 2015 7:35am EDT | Updated May 28, 2015 2:35am EDT

Qualcomm To Buy Back $5 Billion Of Shares In Accelerated Agreement

Wireless technology provider Qualcomm Inc. said Thursday it has entered accelerated share buyback agreements with two financial institutions for $5 billion of its common stock. The company is funding the deal with the proceeds from a recent debt offering of $10 billion. Shares were up 0.5% in premarket trade, but are down 7% in the year so far, while the S&P 500 has gained 3%.