Computer networking gear maker QLogic Corp. said Tuesday that its board has approved a plan to repurchase up to $200 million more of its stock over two years.
As of Oct. 28, QLogic had about 100.6 million shares outstanding.
Companies buy back shares to send money back to their shareholders. Cutting the amount of stock trading can also help increase earnings per share.
QLogic's stock rose 47 cents, or 3.1 percent, to $15.15 Tuesday morning.