Xilinx Shares Climb After Share Buyback Announcement

Xilinx's stock rose 1.8% in after-hours trade Monday, after the semiconductor maker announced a new $800 million stock repurchase program. The value of the new program represents 7% of the shares outstanding. "Our repurchase authorization signals a high level of confidence in Xilinx's growth prospects as well as in our continued ability to consistently generate healthy operating cash flow," said Chief Executive Moshe Gavrielov. The timing of the repurchases and number of shares to be bought back will depend on market conditions. The stock has lost 3.4% so far this year through Monday, compared with a 20% gain in the PHLX Semiconductor Index and a 10% rise in the S&P 500.