NEW YORK ( TheStreet) - Seagate Technology ( STX - Get Report) shares were higher by 5.23% to $17.70 after the company reported preliminary second quarter revenues that were better than expected.

During the fiscal second quarter of 2012, Seagate said it expects preliminary revenues to be between $3.1 billion and $3.2 billion. Wall Street analysts polled by Thomson Reuters expect revenue of $2.81 billion and 70 cents per share in earnings. Third quarter revenue guidance was also provided, and Seagate said it expects revenues to be between $4.2 billion and $4.5 billion. The average analyst estimate from Thomson Reuters is $3.77 billion.

Nokia ( NOK - Get Report) shares were up 7.68% to $5.47 on rumors that Microsoft ( MSFT) could buy the company's smartphone business. The rumor first surfaced on Twitter, when Eldar Murtazin of said executives from the two companies would meet with each other.

Nokia was also upgraded by Credit Suisse from under-perform to outperform on a strengthened relationship with Microsoft on its line of Windows phones.

MetroPCS Communications ( PCS) shares were off 9% to $8.00 on heavy volume after the company announced it added 197,410 subscribers during the fourth quarter, below analyst estimates.

Wall Street analysts were looking for MetroPCS to add 220,000 subscribers, according to a research report from William Blair.

Roger D. Linquist, Chairman and CEO of MetroPCS, was encouraged by the drop in churn from the third quarter. Churn is the percentage of subscribers leaving every month. In the press release, Linquist said that churn fell from 4.5% in the third quarter to 3.7% in the fourth quarter.

Interested in more on MetroPCS? See TheStreet Ratings' report card for this stock.

-- Written by Chris Ciaccia in New York

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