Micron Technology Shares Rally on its $1 Billion Buyback Plan

Shares of Micron Technology (MU) climbed after the company announced its $1 billion dollar share buyback plan on Monday, making it TheStreet's Move of the Day.
Author:
Publish date:

Shares of Micron Technology (MU) climbed after the company announced its $1 billion dollar share buyback plan on Monday, making it TheStreet's Move of the Day. The memory chip manufacturer announced that its board approved as much as $1 billion in share buybacks and said the repurchase plan is another way to return excess capital to its investors. The move comes after the company paid about $389 million in its fiscal first quarter of 2015 to eliminate a convertible debt offering. The Indiana-based company added that its business is continuing to generate strong operating cash flow, which allows it to invest in strategic growth initiatives. Shares of Micron Technology closed higher Monday, making it the top gainer on the S&P 500. TheStreet's Kurumi Fukushima reports from New York.