Shares of Micron Technology (NASDAQ: MU) popped on Thursday, jumping as much as 6.5%. As of 1:52 p.m. ET, the stock was still up 6.5%.

The catalyst that sent the memory and storage chipmaker higher was an announcement that bodes well for shareholders.

In a regulatory filing with the Securities and Exchange Commission (SEC), Micron's management updated the status of its stock repurchase program. The company initiated its buyback program in May 2018 through a variety of "open market purchases, block trades, privately negotiated transactions and/or derivative transactions." However, in December 2022, management suspended that program, citing the industrywide downturn.

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Source Fool.com