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NEW YORK - KLA-Tencor Corp. stock rose Monday after the maker of chip manufacturing equipment authorized the repurchase of 15 million shares.
KLA-Tencor shares rose $1, or 2.5 percent, to $40.71 Monday. The stock has ranged from $35.02 to $62.67 over the past year.
The buyback program is effective for the next 15 months, the company said.
Lending support to KLA-Tencor shares was a report from the Semiconductor Industry Association indicating worldwide chip sales grew 7.5 percent in May from the same month of 2007.
Furthermore, elsewhere in the chip equipment sector, Teradyne Inc. was upgraded by a Piper Jaffray analyst.
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