IBM, Intel, Yahoo!: Pre-Market Movers

NEW YORK ( TheStreet) -- IBM ( IBM), which reported its fiscal first-quarter results after market close Tuesday, was a major laggard in pre-market trading on Wednesday.

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.

Shares of Yahoo! ( YHOO), however, surged upward on Wednesday after the embattled Internet giant posted better-than-expected first-quarter results on Tuesday.

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.

Hard drive maker Seagate ( STX), was another pre-market winner after blowing past Wall Street's profit view in its third-quarter results, released after market close on Tuesday.

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%.

Seagate shares climbed 61 cents, or 2.19%, to $28.50 before market open. The company was also one of the Nasdaq's most active pre-market stocks on share volume of 188,370.

Shares of Apple ( AAPL) were up $4.30, or 0.71%, to $614.

-- Written by James Rogers in New York.

>To follow the writer on Twitter, go to http://twitter.com/jamesjrogers.

>To submit a news tip, send an email to: tips@thestreet.com.

Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.

If you liked this article you might like

Five-Day Winning Streak in Stocks Expected to Continue

Five-Day Winning Streak in Stocks Expected to Continue

Bitcoin Today: Prices Burst Through $10,000 as Traders Mitigate Stark Warnings

Bitcoin Today: Prices Burst Through $10,000 as Traders Mitigate Stark Warnings

Apple Stock Is Being Bought by Warren Buffett; Should You Buy It?

Apple Stock Is Being Bought by Warren Buffett; Should You Buy It?

Apple Could Get to Zero Net Cash This Way, Says UBS

Apple Could Get to Zero Net Cash This Way, Says UBS

Why You Cannot Rule Out a Much Deeper Stock Market Correction

Why You Cannot Rule Out a Much Deeper Stock Market Correction