Updated from 12:36 p.m. EDT
VMware, the anticipated software spinoff of storage provider EMC (EMC - Get Report), soared more than 75% on its first day as a publicly traded company. VMware priced 33 million shares at $29 a share, raising nearly $1 billion. EMC's sale represents about 9% of the 375 million shares of VMware. Citi, JP Morgan and Lehman Brothers led the underwriting syndicate. Shares of VMware closed up $22 to $51, while shares of EMC closed down 71 cents to $18.34.
Elsewhere, Orbcomm (ORBC - Get Report) plunged 29.7% after the data communications company posted mixed second-quarter results and cut its full-year revenue guidance. The company posted a second-quarter loss of $1.3 million, or 3 cents a share, on revenue of $6.6 million. Analysts expected a loss of 7 cents a share on revenue of $8.1 million.Looking ahead, Orbcomm now sees full-year revenue of $28 million to $31 million. Previously, the company said that it would post revenue of $34 million to $38 million. Analysts project revenue of $35.1 million. Shares closed down $3.32 to $7.86. As for the broader technology sector, the Nasdaq 100 was down about 33 points to about 1901. GigaMedia (GIGM - Get Report) jumped 10.8% after the software developer posted better-than-expected second-quarter results. The company earned $10.1 million, or 17 cents a share, on revenue of $40.1 million. Analysts polled by Thomson Financial expected earnings of 15 cents a share on revenue of $38 million. "We are beginning to see the early returns from our investment in our Asian online games platform," the company said. "With an exciting pipeline of new games and a footprint reaching over 64 million registered users, we are very enthusiastic, very confident that we have built the foundation of a powerful business." Shares closed up $1.16 to $11.94. Meanwhile, shares of United Online (UNTD) rose 2.1% after the Internet services company said that its Classmates Media subsidiary would go public, raising up to $125 million. Classmates Media has filed a registration with the Securities and Exchange Commission. United Online said that it would maintain a majority ownership stake following the initial public offering but didn't specify the exact percentage. Goldman Sachs and JP Morgan Securities are leading the underwriting syndicate. Shares of United Online closed up 28 cents to $13.62. Finally, InterDigital (IDCC - Get Report) fell 5.2% after the wireless-technology company laid out third-quarter revenue guidance. The company sees recurring revenue for patent licensing and technology solutions of $53.5 million to $54.5 million. Guidance does not reflect any new agreements that could be inked during the quarter, the company said. Investors sent shares down $1.33 to $24.18.