Micron Shares Rise On Buyback Announcement

Shares of Micron Technology Inc. MU are trending higher Monday morning following the company’s announcement of a $1 billion stock buyback program.

Within the release, “Any repurchases under the new authorization may be made in open market purchases, block trades, privately negotiated transactions and/or derivative transactions, subject to market conditions and Micron's ongoing determination that it is the best use of available cash. Micron expects to use cash on hand to fund any repurchases. The repurchase authorization does not obligate Micron to acquire any common stock.”

Amid the announcement, shares of Micron rose 3 percent.