Intel Adds $10 Billion to Buyback Plan

Intel Corp.’s board authorized the company to buy back another $10 billion in stock as the chip maker seeks to return cash to shareholders and resurrect a depressed stock.

The Santa Clara, Calif., company reported its best year ever in 2010, helped by a surge in demand for tech products after a pullback in spending during the recession. Yet Intel’s shares are up only 3.1% since the end of 2009 as investors have focused on the company’s struggles to expand in the fast-growing mobile arena.

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