Tech stocks moved higher Tuesday after sector giant

IBM

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(IBM) - Get International Business Machines (IBM) Report

announced it will spend $15 billion to buy back shares.

IBM

gained $4.59, or 4.2%, to $114.67 after the company

authorized the expenditure of $15 billion to repurchase shares -- a move that could raise its 2008 earnings by a nickel a share. The stock buyback could take IBM's EPS to at least $8.25, from a prior range of $8.20 to $8.30.

Shares of

Google

(GOOG) - Get Alphabet Inc. Class C Report

plunged $28.25, or 5.8%, to $458.19 after a report from research firm Comscore showed Web search-related paid clicks fell 0.3% in January compared with a year ago.

In December, paid clicks grew 13% compared with a year ago. Analysts took the news as a sign that Google's growth, which largely comes from paid clicks, may be affected by the slowdown in the economy. UBS analyst Benjamin Schachter cut his 12-month price target on Google $590 from $650.

Chinese online gaming company

Shanda Interactive

( SNDA) saw shares jump $2.70, or 8.8%, to $33.53 after it beat analysts' expectations for the fourth quarter.

Net income for the quarter rose 22% to $40.1 million, or 54 cents a share. Adjusted EPS was 58 cents a share. Revenue rose 52% to $97.8 million. Analysts were expecting a profit of 45 cents a share on $93.5 million.

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Intel

(INTC) - Get Intel Corporation (INTC) Report

rose 82 cents, or 4.1%, to $20.76 following comments by a company executive that a slowdown in the U.S. economy would not affect its business.

SanDisk

(SNDK)

shares fell $1.35, or 5.1%, to $24.96, a day after its analyst meeting.

Some analysts suggested that the price for NAND chips memory chips that SanDisk makes would continue to be weak this year even as competition from rival

Micron Technology

(MU) - Get Micron Technology, Inc. (MU) Report

is expected to intensify.

Dish Network

(DISH) - Get DISH Network Corporation Class A Report

, formerly known as EchoStar Communications, lost $1.26, or 4.1%, to $29.40 after it

failed to meet analysts' estimates for the fourth quarter.

The company reported of $175 million, or 39 cents a share, up from $153 million, or 35 cents a share, a year ago. Revenue rose 12% to $2.89 billion. Those results were lower than analysts' expectations of 45 cents a share on revenue of $2.85 billion.

WebMD

(WBMD)

continued to lose ground from last week following its fourth-quarter results and analysts' fears of a slowdown in growth and increased competition. Shares of WebMD were down $1.28, or 4.3%, to $28.25.