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Originally published Monday, January 24, 2011 at 8:10 AM

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Intel OK's $10 billion more of stock buybacks

Shares of Intel Corp. jumped 2 percent Monday after the chip maker said its board increased its stock buyback authorization by $10 billion less than a week after reporting strong quarterly results.

The Associated Press

SANTA CLARA, Calif. —

Shares of Intel Corp. jumped 2 percent Monday after the chip maker said its board increased its stock buyback authorization by $10 billion less than a week after reporting strong quarterly results.

The buyback increase brings the total authorization to $14.2 billion. The sign of confidence sent shares up 42 cents to close at $21.24.

The Santa Clara-based company also declared a regular quarterly dividend of 18.12 cents, reflecting a previously announced increase of 15 percent.

Last week Intel, the world's biggest maker of PC processors, reported a 48 percent jump in fourth-quarter net income driven by strong corporate spending. Results surpassed analysts' expectations, and Intel also predicted revenue for the first quarter and 2011 ahead of the average estimates.

Intel said the dividend is payable March 1 to shareholders of record as of Feb. 7. Intel had about 5.58 billion shares outstanding as of Oct. 22, 2010, according to a regulatory filing.

The stock has traded in a 52-week range of $17.60 to $24.37.

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