Why Micron Technology Stock Rallied on Thursday

The chipmaker announced some good news for shareholders.Shares of Micron Technology (MU 6.88%) 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.Buybacks resumeIn 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 Ma ...