BUZZ - Synopsys shares rise after announcing $1 billion stock buyback agreement

October 5 - ** Electronic design automation software company Synopsys (SNPS.N) shares rose 2.4%, closing at $502.62

** Synopsys announced a $1 billion accelerated share repurchase agreement with JPMorgan

** Under the agreement, the company will initially receive approximately 1.735 million shares

** The final number of shares repurchased by the company will depend on the average price of SNPS during the buyback period

** The announcement was made several days after SNPS issued an upbeat 2027 performance outlook (link), and after recently reaching a revenue-sharing agreement with ChatGPT developer OpenAI

** The overall strength of the software sector also provided support for the stock

** Including the daily gain, the stock has risen about 7% so far this year

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