Wednesday's Tech Winners & Losers

VMware shares rise after it topped first-quarter revenue estimates.
By Priya Ganapati ,

Updated from 1:58 p.m. EDT with new stock prices

Tech stocks were up Wednesday following strong earnings report from companies such as

EMC

(EMC)

,

VMware

(VMW) - Get Report

, and

Broadcom

(BRCM)

.

Shares of VMware gained $2.82, or 4.9%, to $60.84 after the company reported first-quarter revenue that

beat Street

expectations.

Revenue rose 69.4% to $438.2 million, topping analysts' estimates of $422.4 million. Net income grew 4.9% to $43.1 million and earnings, excluding items, were 22 cents a share, in line with analysts' expectations.

The company reaffirmed its prior guidance for full-year revenue growth of 50% and said second-quarter revenue would rise 55%, or to $460 million, slightly short of Street estimates of $463.6 million.

EMC was up 30 cents, or 1.9%, to $15.89 after the

company beat

analysts' top-line expectations for the quarter.

Profit fell to $268.8 million, or 13 cents a share, in the quarter, from $312.6 million, or 15 cents a share, a year ago. Excluding items, EMC said it earned 23 cents in the quarter, slightly short of the average analyst estimate of 25 cents a share. Revenue, however, rose 17% to $3.47 billion and topped analysts' expectations of $3.45 billion.

Broadcom rose $3.84, or 16.3%, to $27.39 after the company delivered

strong sales outlook

for the current quarter due to better-than-expected demand for cable set-top box and broadband modem chips.

Networking company

Level 3 Communications

(LVLT)

jumped 54 cents, or 22.8%, to $2.91 after it reported

smaller-than-expected

first-quarter loss and said its

revenue increased

because of the growing demand for Internet-based video leading to greater usage of its network services.

Chinese online gaming operator

Shanda Interactive

(SNDA)

was up $2.93, or 9.8%, to $32.80. Shanda

has partnered

with Chinese search giant

Baidu

(BIDU) - Get Report

to offer Web-based games to Baidu users. Shares of Baidu were down 44 cents, or 0.1%, to $349.66.

Yahoo!

(YHOO)

shed 46 cents, or 1.6%, to $28.08 though it

beat analysts' expectations

for the first quarter giving it a little more wiggle room in its battle against

Microsoft

(MSFT) - Get Report

, which has made a $31 a share hostile offer for the company.

Excluding the income related to the initial public offering of Alibaba.com in which Yahoo! has a 40% stake, the earnings report was

unimpressive

.

Microsoft

(MSFT) - Get Report

added $1.20, or 4%, to $31.45 as analysts said Yahoo!'s results were not strong enough to compel Microsoft to raise its bid for the company.

Microsoft CEO Steve Ballmer also

reportedly

said Thursday that his company was willing to walk away from the deal if both sides cannot agree on the price.

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