NEW YORK (TheStreet) -- Tesla Motors (TSLA - Get Report) surged Wednesday after informing Wall Street it plans to unveil a large home battery and received a favorable research note from Deutsche Bank. Broadcom (BRCM) soared on an earnings beat, while EMC (EMC) jumped following a strong quarterly performance by VMware (VMW).
Tesla soared 4.8% to close at $219.44.
The high-end vehicle car maker got a boost after informing Wall Street analysts and investors that it plans to unveil a huge battery for the home, according to a report in Investor's Business Daily. Tesla said the battery would likely attract home users and companies including Apple (AAPL) and Wal-Mart Stores (WMT).
Last month, Tesla shares soared after CEO Elon Musk tweeted that the company would introduce a new product line that wasn't a car. Apparently, the clarity around its plans are becoming much clearer.
Deutsche Bank issued a favorable research report, pointing to Tesla's energy storage plans represent a "significant" opportunity for the company. Deutsche has a buy recommendation on Tesla and a $245 price target.
Broadcom surged 5% to end the session at $46.18.
The semiconductor company surged after it beat analysts' first-quarter revenue and earnings expectations. During the quarter, Broadcom earned 64 cents a share on revenue of $2.06 billion, according to the company's earnings call transcript. Wall Street had been expecting the chip maker to generate net income of 60 cents on revenue of $2.01 billion.
Additionally, Broadcom issued a higher second-quarter forecast than analysts expected. The chip company says it believes it will bring in $2.1 billion in revenue for the current quarter, plus or minus $75 million. Analysts had been expecting $2.07 billion, which is less than Broadcom's mid-range guidance.
EMC jumped 3.1% to close at $27.13.
The storage maker, which cut its full-year revenue and earnings forecast amid missing analysts first-quarter estimates, managed to pull ahead as VMware posted strong results, according to a Reuters report. EMC owns an 80% stake in VMware.
On Tuesday, VMware posted a 13% increase in first-quarter revenue to $1.51 billion. For its non-GAAP earnings, VMware generated 86 cents a share, up 7% from a year ago.
Rajesh Ghai, a Macquarie Research analyst, told Reuters: "One asset (VMware) goes up in value and that's contributing to the parent's valuation."