IBM, Intel, Yahoo!: Pre-Market Movers
Big Blue's shares were down $4.95, or 2.39%, to $202.5 as investors responded to the tech giant's revenue miss.
IBM brought in revenue of $24.67 billion and earnings of $2.78 a share, compared with $24.6 billion and $2.41 a share in the same period last year. Analysts surveyed by Thomson Reuters expected IBM to report revenue of $24.77 billion and earnings of $2.65 a share.
The tech bellwether saw its software revenue increase 5%, or 7% adjusted for the effects of currency. Hardware sales, however, were much less robust. Revenue from IBM's Systems and Technology group was down 7%, or 6% adjusted for the effects of currency.
Intel(INTC) shares were also headed southward before market open after the company reported its own first-quarter results late on Tuesday. The Santa Clara, Calif.-based firm easily beat Wall Street's expectations, but forecast a sequential decline in gross margins for the second quarter.
The chip giant's stock tumbled 91 cents, or 3.2%, to $27.56 in pre-market trading.
Speaking during a conference call late on Tuesday, Yahoo! CEO Scott Thompson said that the company is still trying to monetize its stake in Alibaba.
Yahoo! shares climbed 59 cents, or 3.93% to $15.60 on Wednesday. The company was also the most active pre-market Nasdaq stock on share volume of 696,833.
The Cupertino, Calif.-based firm also reaffirmed its $5 billion fourth-quarter revenue target, as well as its $20 billion goal for calendar year 2012. The hard drive specialist also raised its fourth-quarter gross margin forecast from 33% to 34.5%.