Qorvo says has dismissed auditor KPMG and hired Ernst & Young instead

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Qorvo’s stock gains after new $1 billion stock buyback program announced

Shares of Qorvo Inc. edged up 0.3% in premarket trade Wednesday, to buck a broad-market selloff, after the wireless components maker announced a new $1 billion stock repurchase program. The new program includes the $126 million remaining in its prior program. At Tuesday’s stock closing price of $80.78, the new program would represent about 12.4 million shares, or about 9.8% of the shares outstanding. The early gain in Qorvo shares comes in the face of a 0.7% premarket drop in the VanEck Vectors Semiconductor ETF and a 0.8% decline in the PowerShares QQQ ETF , which tracks the technology-heavy Nasdaq 100 . Qorvo’s stock has rallied 21.3% year to date through Tuesday, while the S&P 500 has gained 1.9%.

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