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Tech Winners & Losers: Micron

The chipmaker's shares rise on a plan to shed 15% of workers.
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Tech stocks were lower again Thursday while the broader market continued its selloff bias.

The

Nasdaq

was off 11 points, or 0.7% to 1729. Meanwhile, the

Dow Jones Industrial Average

slipped 164 points to 9094, and the

S&P 500

was off 20 points, or 2%, to 965.

Micron

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

shares were up 3.4% to $4 after the company said it would restructure its memory operations and reduce its global workforce by 15% in the next two years.

Micron attributed the decision to a decline in customer demand and product oversupply, both of which have driven down selling prices for NAND flash memory.

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IBM

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

shares were up 1.7% to $92.04 after releasing its third-quarter results more than a week ahead of schedule. The company topped Wall Street earnings estimates by 4 cents but fell short of revenue estimates by $1 billion.

Shares of

Quest Software

(QSFT)

soared 10.3% to $11.67 one day after announcing that it replaced its chief executive and will offer a new stock repurchase program.

Douglas Gam, Quest's current president, will take over for Vinny Smith as CEO. The company provided no reason for the switch.

Quest also said Wednesday it will repurchase between $135 million and $400 million of its stock in a Dutch auction tender offer, setting a price range of $13.25 to $15.50.

Apple

(AAPL) - Get Apple Inc. (AAPL) Report

shares were climbing 3.2% to $92.67 after the company emailed members of the media and invited them to view its new models of laptop computers on Oct. 14. The company had been expected to revamp its laptops ahead of the holidays.