It’s been quite a volatile week (see five-day chart, below) for aggressive candidate Qualcomm (NASDAQ: QCOM – $68.85) as it reacted favorably on Tuesday to Apple’s new iPhone offerings, then retreated once the announcement fizzled as being a “non-event” and questions arose about the phone’s prices and limited new features. Today, the shares have bounced back as the board has authorized a new $5 billion share-buyback program, replacing a prior program worth the same amount that the chip maker unveiled in March but didn’t fully complete, which adds an additional $2.7 billion to the old plan. The new stock-repurchase program has no expiration date, and Qualcomm said the repurchases will be made using the company’s cash resources. This share buyback program is in addition to the 40% dividend increase the company announced in March. The long-term risk-reward scenario for QCOM remains favorable.