Western Digital To Buy Back $2 Bln Shares; Shares Up

(RTTNews) - Western Digital Corp. (WDC) announced Tuesday that its Board of Directors has authorized a new $2.0 billion share repurchase program.

On the Nasdaq, the shares were gaining around 2 percent to trade at $47.49.

The repurchase authorization is effective immediately. The company noted that the share repurchases may be made on the open market or in privately negotiated transactions. The amount and timing of share repurchases will depend on market conditions and other corporate considerations. Irving Tan, Chief Executive Officer of Western Digital, said, "The share repurchase program underscores our strong confidence in Western Digital's future, the depth of our product portfolio, and the long-term value we see in our business."