Shares of Qualcomm Inc. QCOM, +2.82% rallied 1.8% in premarket trade Thursday, after the wireless chips maker said it entered into a $16 billion accelerated stock repurchase (ACR) program. The ACR is part of the previously announced $30 billion stock buyback program, which was announced in July as it confirmed that it dropped its pursuit of NXP Semiconductors NV NXPI, +1.75% As part of the ACR, there will be an initial delivery of 178 million shares, with the final number of shares to be delivered will be based on the volume-weighted average price of Qualcomm's stock during the time of the deal. The ACR was entered into with Bank of America, Citibank and Morgan Stanley. Qualcomm's stock has rallied 21% over the past three months, while the S&P 500 SPX, +0.56% has gained 4.1%.
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