(Updates from 1:50 p.m. ET with closing information.)

NEW YORK (

TheStreet

) --

Microsoft

(MSFT) - Get Report

shares were rising 2.12% to $31.25 on Wednesday as the company announced it would be unveiling a new generation of Xbox next month.

The company sent out press invites to its Redmond, Wash., Xbox campus for "a special unveiling." Company spokesman Larry "Major Nelson" Hryb posted on

his blog

that Microsoft would be announcing something big at the event.

"On Tuesday May 21st, we'll mark the beginning of a new generation of games, TV and entertainment," Hryb wrote on the blog.

Recent rumors have suggested that the new Xbox could be online-only, requiring an always-on status to play games.

Amazon

(AMZN) - Get Report

shares ticked up 0.28% to $269.94 on news reports the online retailing giant would announce its own set-top box, competing with the likes of

Roku

, Apple, and others in an increasingly crowded market.

Speaking to sources familiar with the project,

Businessweek

has learned that Amazon is going to announce the device this fall, allowing users to stream video over the Internet, putting Amazon's video library in front of them.

It's not yet known whether Amazon will allow competitors such as

Netflix

(NFLX) - Get Report

,

Hulu

and other services on the box, or if it will keep the box solely for Amazon's Prime video services.

Apple

(AAPL) - Get Report

shares fell 0.09% to $405.75 after the company posted

second-quarter results

that beat Wall Street estimates but gave guidance that was sharply lower than forecast.

Cupertino, Calif.-based Apple reported second-quarter results that met analyst expectations, earning $10.09 per share on $43.6 billion in revenue as iPad sales rose 65% year over year to 19.5 million units per year. Analysts polled by

Thomson Reuters

expected the tech giant to earn $10.01 per share on $42.31 billion in revenue.

Apple: Everything You Didn't Want to Believe May Be True

For the fiscal third quarter, Apple expects revenue will be between $33.5 billion and $35.5 billion, with gross margins between 36% and 37%. Analysts were expecting $38.2 billion in sales for the third quarter.

In conjunction with the earnings beat, Apple raised its buyback program and dividend sharply, announcing it would return $100 billion to shareholders over the next three years, adding $50 billion to its repurchase program, the largest for any company in history.

EMC

(EMC)

shares were up 0.67% to $22.51 after the technology company

missed Wall Street estimates

for its first quarter.

The storage giant earned 39 cents per share on revenue of $5.39 billion. Analysts were expecting 40 cents per share on $5.42 billion in sales. The company also announced a $1 billion buy back program for 2013.

EMC reaffirmed its 2013 outlook, saying it expects to earn $1.85 per share on $23.5 billion in sales for the full year.

Closing prices

: MSFT closed up 3.8% at $31.76, AMZN was unchanged at $268.78, AAPL was flat at $405.46 and EMC ended the day 1% higher at $22.52.

--

Written by Chris Ciaccia in New York

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