SiliconBeat

Lam Research, the Fremont supplier of chip-making equipment whose stock is down 26 percent so far this year, said its board authorized buying back up to $250 million worth of its own stock, effective immediately, according to a filing Monday with the SEC.

It is the first stock buyback since fiscal 2007 when the company spent $1.1 billion during its fiscal year that ended in June 2007, of which $768 million was repurchased during the fourth quarter.

Lam ended its last fiscal year with $1.06 billion in cash and and short-term investments.