Analog Devices Inc. (ADI) disclosed Friday that it will reinstate its stock repurchase program, beginning Nov. 9. The semiconductor maker had suspended its buyback program in March, given the impact of the COVID-19 pandemic on the global economy. After spending $6.3 billion to repurchase 156.1 million shares prior to the suspension, there is $1.9 billion left in the repurchase program. The stock, which was indicated down about 1% in premarket trading, has gained 9.7% year to date through Thursday, while the PHLX Semiconductor Index has run up 34.6% and the S&P 500 has tacked on 8.7%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 06, 2020 08:00 ET (13:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.