Broadcom Corp. (NASDAQ: BRCM) reported a 22% increase in profit with a net income of $74.3 million and $0.14 EPS. The chipmaker had positive guidance for the second quarter and the year. Shares were up over 15% at $27.28 in the final minutes today.

Cree (NYSE: CREE) reported earnings of $5.7 million and $0.06 EPS Tuesday after the market close. Revenues rose by 29%. The earnings were 73% lower than first quarter last year, however, those earnings were boosted by a one-time gain. Shares traded down over 15% at $26.25 in the final minutes today.

Level 3 Communications Inc. (NASDAQ: LVLT) losses narrowed when it reported its earnings this morning. The smaller losses are credited to higher sales of its networking services. The company generated a loss of $181 million, or $0.12 per share, compared to $647 or $0.44 per share in the first quarter of 2007. The company also restated its positive outlook for next quarter. Shares traded up over 20% at $2.90 in the final minutes today.

Safeco. (NYSE: SAF) jumped after a $6.12 billion offer from Liberty Mutual. Liberty offered $68.24 per share. The merger will make Liberty Mutual the fifth largest property insurer in the U.S. Pending regulatory and shareholder approval, the deal is expected to close by the end of the third quarter. Shares were up 45% at $65.94 in the final minutes today.

VMware, Inc. (NASDAQ: VMW) was up after posting strong earnings and a positive outlook. The company generated a net income of $43 million and $0.11 EPS compared to $41 million and $0.12 EPS first quarter 2007. The revenue growth was fueled by a 73% increase in software license sales and a 62% increase in services revenue. The company also reported a positive outlook, however, many analysts are hesitant to upgrade because the stock is already highly valued. Shares were up 12% earlier today, but shares were "only" up about 5% at $60.93 in the final minutes of trading today.

Jon Ogg is an editor and producer of the "10 Stocks Under $10" weekly newsletter from 247WallSt.com.