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Updated from 9:20 a.m. EDT


(SMTC) - Get Semtech Corporation Report

was up 1.6% in early trading after losing 2.5% on the preopen Instinet ECN. The chip supplier reaffirmed estimates and said it was expanding its share buyback program.

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Semtech said it is expecting third-quarter earnings of 9 cents a share, in line with the consensus estimate, with sales growth at the high end of its previously estimate of 3% to 5% sequential sales growth.

Semtech also said its board has approved a $50 million expansion of its share buyback. The company now plans to repurchase a total of up to $100 million of shares and convertible subordinate notes.