Broadcom Revenue Miss Drags S&P 500, Nasdaq Lower at Open, Dents Chip Stocks
AVGO sits 72% above its 52-week low of $241.11.
Summary
Broadcom's second-quarter revenue miss, which previously sent its shares down over 13% in extended trading, caused the S&P 500 and Nasdaq to slide at market open. This confirms the negative sentiment from the earnings miss is broadly impacting the chip sector and major indices. The market is reacting to the miss against analyst expectations, despite the company reporting strong absolute Q2 results in its 8-K yesterday.
At the time of this announcement, AVGO was trading at $413.88 on NASDAQ in the Technology sector, with a market capitalization of approximately $2T. The 52-week trading range was $241.11 to $495.00. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.