Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Broadcom (Nasdaq: BRCM ) rose more than 11% in early trading after the company reported results that beat Wall Street forecasts.
So what: For the second quarter, the chip maker booked $0.72 in adjusted earnings on $1.8 billion in revenue. Analysts were expecting just $0.63 a share on roughly the same amount of revenue, according to Yahoo! Finance.
Now what: The report overshadowed an otherwise down day for chips, led by a 2% drop in shares of NVIDIA (Nasdaq: NVDA ) , which Needham & Co. downgraded from hold to underperform. Broadcom got better treatment from Charter Equity, which upgraded the stock from market perform to buy, while a Jefferies & Co. analyst raised his price target from $41 to $46 a share on expectations of growing demand for the company's touchscreen and Wi-Fi controller chips, The Associated Press reports. Do you agree? Disagree? Weigh in using the comments box below.
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