CORRECTED: Broadcom to buy back up to $12 billion of shares

Chipmaker Broadcom Inc said on Thursday it would buy back up to $12 billion of its common stock, sending its shares up 4.5 percent to $250 in extended trading. The company, which last month ended its efforts to acquire rival Qualcomm Inc , said the repurchase program is effective immediately until the end of Broadcom`s fiscal year 2019. Broadcom moved back to the United States from Singapore earlier this month, following U.S. President Donald Trump`s decision to block its $117 billion offer to buy Qualcomm on national security concerns. The San Jose, California based company has about 411 million outstanding shares and a market value of about $98.71 billion as of Thursday`s close.(This version of the story corrects to say end of Broadcom`s fiscal year 2019 instead of end of its fiscal year on Nov. 3 in second paragraph) (This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)