NEW YORK (TheStreet) -- Qualcomm (QCOM) jumped after the chip maker announced plans for an accelerated stock buyback program. NetApp (NTAP) plunged by double digits after missing its earnings expectations and receiving a downgrade. Google (GOOG) edged up on a its mobile and YouTube advertising arrangements.
Qualcomm climbed 1.2% to close at $70.09.
The chip maker rose after announcing it was accelerating its stock buyback program. Qualcomm, using the proceeds from its recent $10 billion debt offering, plans to repurchase $5 billion shares as part of its overall goal of buying back $10 billion shares by March 2016.
This buyback will be in addition to Qualcomm's plans to return a minimum of 75% of free cash flow to stockholders through dividends and repurchases.
Although Qualcomm plans to repurchase $10 billion shares by the first quarter of 2016, its overall plans are to ultimately repurchase a total of $15 billion. William Blair analyst Anil Doradla stated in an Investor's Business Daily report, "we continue to believe Qualcomm is one of the last large-cap semiconductor companies yet to benefit from investor-friendly capital-return initiatives."
NetApp tanked 10.1% to end the session at $31.77.
The storage and data management company took a hit after it missed its fourth-quarter earnings expectations and received an analyst downgrade.
NetApp reported adjusted net profits of 65 cents a share on revenue of $1.54 billion. That fell short of Wall Street's expectations of adjusted net income of 72 cents a share on revenue of $1.59 billion, according to a Reuters report. The company also missed its expectations for its first quarter forecast, as well.
NetApp says it expects a net profit of between 20 cents to 25 cents a share on revenue of $1.28 billion to $1.38 billion, according to Reuters. Analysts, however, were expecting the company to post a profit of 59 cents a share on revenue of $1.46 billion.
J.P. Morgan downgraded NetApp to underweight from neutral, citing the company's assessment that its poor fourth quarter results were due to a difficult product transition for its customers. NetApp's CEO Tom Georgens said, "We underestimated the disruption that the transition to clustered ONTAP has had on our direct and indirect pipeline. The disruption has been most acutely felt in our Americas commercial geography, due to the heavy concentration of large enterprise customers in the U.S."