The bigger news is that Jimmy Paredes is making his way to Houston, but we need to cover all our bases so we'll focus on Pearce first.
Selected off waivers from the Baltimore Orioles on July 28, 2012, Pearce appeared in 21 games for Houston posting a .254/.347/.349 line. While that's a less than ideal hitting line he is hitting .275/.345/.490 against lefties overall this season, which is probably how the Yankees plan to deploy him.
Cash is nice, but seeing Jimmy Paredes called up to the majors is better. In 536 plate appearances this season Paredes is hitting .318/.348/.477 with 13 homeruns and 37 stolen bases to 10 caught stealing. The question now becomes where does he play?
Astros.com has him on the roster as an infielder, however, with Jose Altuve entrenched at second Paredes could see some time in the outfield or maybe even third base. My guess would be the outfield where literally no one is hitting. Either way I don't think Paredes has come up to sit.