Broadcom earnings to be reported after the close

  • Last Quarter Performance: Broadcom reported revenues of $8.88 billion last quarter, a 0.6% decrease year-on-year, aligning with analyst expectations.

  • Current Quarter Expectations: Analysts anticipate a 4.1% year-on-year revenue growth for Broadcom, estimating revenues to be around $9.28 billion. This growth rate is slower compared to the 15.7% year-over-year increase in the same quarter last year. Adjusted earnings are expected at $10.96 per share.

Looking at the hourly chart below, the price of AVGO (Broadcom) moved below its 200-hour moving average on Tuesday, but has rebounded back toward that moving average level at $922.53. The price is closing at $920.68 of $17.04 or 1.89% in trading today.

A move higher would have traders targeting the 100-hour moving average at $947.55. On a disappointment, a break below 50% of the move up from the September low at $897.50 would open the door for further selling momentum from a technical perspective.

All chip stocks were up strongly today:

  • Nvidia rose 2.42%
  • AMD rose 9.84%
  • Intel rose 2.06%
  • Taiwan Semiconductor rose 1.47%
  • Qualcomm rose 2.25%

This article was written by Greg Michalowski at Source