Why Broadcom Stock Is Sinking Today
Broadcom (NASDAQ: AVGO) stock is losing ground today. The company's share price was down 5.8% as of 2:30 p.m. ET. Meanwhile, the S&P 500 index was down 2% at the same point in the day's trading, and the Nasdaq Composite index was down 2%.Artificial intelligence (AI) and semiconductor stocks are getting hit with big valuation pullbacks today as traders are having a bearish reaction to otherwise solid fourth-quarter results from Marvell Technology. Like Marvell, Broadcom is a player in the connectivity-chips space -- and investors are selling out of both stocks as investors become more cautious about the stock market's near-term outlook.Marvell published its fourth-quarter results yesterday, and performance came in broadly better than Wall Street's expectations. The business notched non-GAAP (adjusted) earnings per share of $0.60 on revenue of $1.82 billion. For comparison, the average Wall Street analyst forecast had estimated that Marvell would report per-share earnings of $0.59 on revenue of $1.8 billion for the quarter.Continue reading
Broadcom (NASDAQ: AVGO) stock is losing ground today. The company's share price was down 5.8% as of 2:30 p.m. ET. Meanwhile, the S&P 500 index was down 2% at the same point in the day's trading, and the Nasdaq Composite index was down 2%.
Artificial intelligence (AI) and semiconductor stocks are getting hit with big valuation pullbacks today as traders are having a bearish reaction to otherwise solid fourth-quarter results from Marvell Technology. Like Marvell, Broadcom is a player in the connectivity-chips space -- and investors are selling out of both stocks as investors become more cautious about the stock market's near-term outlook.
Marvell published its fourth-quarter results yesterday, and performance came in broadly better than Wall Street's expectations. The business notched non-GAAP (adjusted) earnings per share of $0.60 on revenue of $1.82 billion. For comparison, the average Wall Street analyst forecast had estimated that Marvell would report per-share earnings of $0.59 on revenue of $1.8 billion for the quarter.
