Applied Micro Sets Buyback

The company has seen its shares hit hard by the Nasdaq selloff.
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Applied Micro Circuits

(AMCC)

rose Thursday after setting a $200 million share buyback.

The San Diego-based semiconductor company said it would buy back shares from time to time in the open market and in negotiated transactions, depending on market conditions. At Thursday's prices, the company could repurchase some 66 million shares under the plan. Applied Micro has about 313 million shares outstanding.

The move comes after a sharp drop in tech stocks over the last month. Applied Micro shares have lost more than 40% of their value since the

Nasdaq

selloff started in July.

Early Thursday, Applied Micro rose a dime to $3.03.