EMC, VMware, Yahoo!, Intel: Tech Premarket
NEW YORK (TheStreet) -- EMC(EMC) and its VMware(VMW) subsidiary were big gainers in premarket trading on Wednesday as investors welcomed the companies' executive changes and preliminary second-quarter results.
Late on Tuesda,y the companies announced that EMC President and Chief Operating Officer of Information Infrastructure Products Pat Gelsinger will succeed VMware's Paul Maritz as CEO in September. Maritz will join EMC as chief strategist but remain on the VMware board. Also in September, EMC's current chief financial officer, David Goulden, will become EMC's operating chief.
Storage giant EMC climbed 6.46% to $24.40 before market open, while virtualization specialist VMware gained 6.15% to $85.23.
Yahoo!(YHOO) shares crept up 0.13% to $15.62 on Wednesday. The embattled Internet giant reported its second-quarter results after market close on Tuesday, although investors eager for any strategic hints from new CEO Marissa Mayer were disappointed.
Yahoo! Chief Financial Officer Tim Morse handled the company's post-earnings conference call, but promised that investors will hear from Mayer soon.
The Sunnyvale, Calif.-based firm surpassed Wall Street's earnings expectations in its results, reporting earnings of 27 cents a share on revenue of $1.081 billion, excluding traffic acquisition costs.
Analysts surveyed by Thomson Reuters expected Yahoo! to report earnings of 23 cents a share on $1.095 billion in revenue.
The No. 1 chipmaker comfortably beat Wall Street's earnings estimate, but lowered its full-year guidance to reflect a challenging macroeconomic environment.
Intel was also one of the most active premarket Nasdaq stocks on share volume of 194,896.
Shares of IBM(IBM) , which reports its second-quarter results after market close Wednesday, rose 0.35% to $183.30 in premarket trading.
--Written by James Rogers in New York.