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."

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.