KLA-Tencor board announces $1B share repurchase authorization The board approved an increase in the company's share repurchase program for up to 13M additional shares of the company's common stock. This is in addition to the company's prior repurchase authorizations, under which approximately 2M shares remained available for repurchase as of June 30. The company's share repurchase program is now valued at over $1B based upon the closing price of the company's common stock as of July 7. The company presently anticipates that the current share repurchase authorization will be executed over the next 12-18 months.
Pacific Crest identifies favorite semiconductor stocks Pacific crest says that the semiconductor sector is being stymied by decade-high inventory levels and uncertain demand. In the current environment, the firm expects semiconductor stocks with high dividend yields and ongoing cost-reduction initiatives to outperform. It identifies Maxim Integrated (MXIM), Cypress Semiconductor (CY), Applied Materials (AMAT), and KLA-Tencor (KLAC) as its favorite names in the sector. It keeps Overweight ratings on all the stocks named.