Skyworks' stock soars to pace S&P 500 gainers after earnings, new $2 billion buyback program
Shares of Skyworks Solutions Inc. shot up 14% in morning trade, enough to pace the S&P 500's and semiconductor sector's gainers, after the chip maker reported fiscal first-quarter results that were in line with guidance provided last month and announced a new $2 billion stock repurchase program. The company said the new buyback program replaces the previous $1 billion program announced last year, which had $129 million remaining. J.P. Morgan analyst William Peterson raised his stock price target to $84 from $76, while maintaining his neutral rating, saying he believes investors will likely discount an "improved fundamental environment" in 2020. The stock, on track for the biggest one-day gain since July 2014, has now advanced 4.8% over the past three months, while the PHLX Semiconductor Index has gained 7.8% and the S&P 500 has slipped 0.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.