|Day's Range||20.99 - 20.99|
Shares of the semiconductor Broadcom popped after Morgan Stanley upgraded the company to ‘overweight’ and named them top pick. Yahoo Finance’s Dan Roberts, Kristin Myers and Anjalee Khemlani discuss on YFi AM.
Futures fell on China tensions over Hong Kong. Pinduoduo plunged on weak results. Target spiked higher again after strong earnings.
Investment bank Morgan Stanley on Tuesday upgraded chipmaker Broadcom to a buy rating and called it a "top pick." The news sent Broadcom stock surging to a buy point out of a 29-week base.
The Dow Jones industrials ended modestly lower Tuesday despite a harsh sell-off in Home Depot stock. Broadcom and AMD stock led another tech rally.
The Dow Jones Industrial Average fell from record levels while the S&P was flat on Tuesday as dour forecasts from retailers Home Depot and Kohl's fueled worries about consumer spending while uncertainty over the U.S.-China trade dispute simmered in the background. The tech-heavy Nasdaq was the best-performing of the three indexes, with support from Facebook Inc and Broadcom Inc helping to counter a drag from Qualcomm after the chip maker held an investor meeting.
Stock indexes were mixed Tuesday as the Nasdaq — helped by a breakout in Facebook stock — climbed 0.4%. But the Dow Jones Industrial Average lagged.
The S&P 500 and the Dow Jones indexes slipped from record levels on Tuesday as dour forecasts from Home Depot and Kohl's eroded confidence on the strength of U.S. consumer spending ahead of the all-important holiday shopping season. The tech-heavy Nasdaq rose 0.24%, supported by gains in shares of Microsoft Corp, Facebook Inc and Broadcom Inc.
Other retail stocks also fell on the news, driving the S&P 500 retail index down 1.1%. Seven of the 11 major S&P 500 sectors were lower, with the consumer discretionary index's 0.82% drop weighing the most.
Analysts at Morgan Stanley on Tuesday upgraded their rating on Broadcom Inc. stock to the equivalent of buy, saying they had "increased confidence" in the chip maker's software strategy post Symantec deal. The upgrade follows another Morgan Stanley note that said Broadcom was "particularly well positioned in the data era," able to build on its semiconductor leadership while leveraging its cash flow to diversify into software. A software business provides a nice counterpoint to the more cyclical semiconductor business, the analysts said. Broadcom shares have gained 25% this year, matching year-to-date gains for the S&P 500 index and compared with gains of nearly 20% for the Dow Jones Industrial Average .
Broadcom and Medtronic were early leaders Tuesday, as the Nasdaq lead early stock market gains, while Home Depot stock dragged on the Dow Jones today.
Wall Street was set to hit another record high at the open on Tuesday on continued optimism that Washington and Beijing would agree on a deal to end a damaging trade war that has posed one of the biggest risks to global economic growth. The fallout from the tit-for-tat tariff dispute over the past 16 months has already led to a slowdown in China and shown up in some economic indicators in the United States. On Monday, a temporary reprieve in sanctions on China's Huawei Technologies Co Ltd by the Trump administration helped ease concerns, which were earlier triggered by a report that China was pessimistic about reaching a deal.
Finding top semiconductor stocks to buy involves understanding the health of markets that purchase chips for their products. Chip stocks have risen on hopes for a 2020 market recovery.
Semiconductor designer and manufacturer Broadcom gets the royal treatment from Morgan Stanley after crowning the company a "top pick." But will it deliver?
Stock are on quite a run and U.S. equity markets are set to open higher again on Tuesday. Home Depot shares, on the other hand, are dropping after company management cut sales growth guidance.
Dow futures pared gains as Home Depot dived on weak sales. Roku slid on a share offering. Broadcom neared a buy . ServiceNow will join the S&P; 500\. Medicines Co. soared on buyout buzz.
Shares of the semiconductor designer and manufacturer rise after being ordained a 'top pick' by analysts at Morgan Stanley, who upgraded the company's rating and also raised their one-year price target on the stock.
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