Apple iPhone 5, Schmidt's Pay Bump

NEW YORK (TheStreet) -- Shares of Apple(AAPL_) jumped 1.6% in pre-market trading Wednesday after a Reuters report claimed the company will begin shipping its next-generation iPhone 5 in September. The new phone will look similar to the iPhone 4 but will have a faster processor, said the report.


Google's(GOOG_) Eric Schmidt, who made a salary of $1 per year as CEO, is getting a pay bump. In a securities filing on Tuesday, the search giant said Schmidt will now earn an annual salary of $1.25 million as he transitions to his role as executive chairman.

Shares of Google were up 0.8% in pre-market trading Wednesday.

Yahoo!(YHOO_) shares popped almost 4% to $16.75 in pre-market trading Wednesday after the Internet giant narrowly beat analyst expectations with its first-quarter earnings results.

The Sunnyvale, Calif.-based firm posted adjusted earnings of $223 million, or 17 cents per share, compared with $310 million, or 22 cents per share, during the same period last year. Revenue fell 6% to $1.06 billion. Analysts had expected adjusted earnings of 16 cents per share on revenue of $1.06 billion.

IBM(IBM_) shares fell 1.1% to $163.60 despite beating first-quarter earnings expectations and raising full-year guidance.

Big Blue brought in revenue of $24.6 billion, up 8% on the same period last year, or 5% adjusted for the effects of currency. Analysts had been looking for sales of $24.02 billion.

Storage maker EMC(EMC_) posted record first-quarter revenue and profit before the market opened on Wednesday.

EMC brought in consolidated revenue of $4.6 billion, an increase of 18% on the prior year's quarter, and just above analysts' estimate of $4.5 billion. Excluding items, EMC earned 31 cents a share, in line with Wall Street's estimates. Shares increased 1.5%.

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