|Bid||23.50 x 900|
|Ask||24.97 x 2900|
|Day's Range||23.79 - 24.08|
|52 Week Range||17.43 - 26.07|
|Beta (3Y Monthly)||1.41|
|PE Ratio (TTM)||142.99|
|Earnings Date||Oct 30, 2019 - Nov 4, 2019|
|Forward Dividend & Yield||0.30 (1.21%)|
|1y Target Est||22.75|
Microsoft (MSFT) stock rose 1.19% in extended trading yesterday after the tech giant announced a new share buyback program and dividend increase.
IBM's AI platform IBM Watson, its emerging Blockchain technology and expanding security products is aiding it in proliferating the market.
Zacks.com featured highlights include: Medtronic, Symantec, Target, Popular and Baxter International
Broadcom's CEO is known for his mergers and acquisitions. He targets companies that are market leaders with high cash flows and distressed growth.
Broadcom (AVGO) Q3 results benefit from expanding presence in the infrastructure software space on synergies from CA buyout. However, company provided cautious fiscal 2019 guidance.
(Bloomberg) -- Broadcom Inc. reported modest quarterly sales growth and reiterated a muted forecast for the rest of the fiscal year, indicating the trade war between China and the U.S. is still suppressing demand for semiconductors.Sales in the period ended Aug. 4 rose 9% to $5.52 billion, the San Jose, California-based company said Thursday in a statement. Before certain items, profit was $5.16 a share. That compares with average analyst estimates for per-share profit of $5.13 on sales of $5.52 billion, according to data compiled by Bloomberg.Broadcom said it still expects revenue in fiscal 2019 to be $22.5 billion, a lowered projection it made in June. The company no longer gives quarterly predictions and instead updates its annual target at the end of each quarter. Shares declined about 1.3% in extended trading.Chief Executive Officer Hock Tan has built a $100 billion company through a spate of acquisitions, including his purchase of part of Symantec Corp. for $10.7 billion in August. While Broadcom has one of the broadest reaches in the technology industry, that diversity hasn’t made it immune to the ongoing trade dispute between the U.S. and China and blacklisting of Huawei Technologies Co., which is hammering Tan’s semiconductor business.“We believe demand has bottomed out but will continue to remain at these levels due to the current uncertain environment,” Tan said in the statement. There’s little visibility due to the trade war and no sense of a “sharp recovery around the corner,” he added on a conference call.About half of the chips Broadcom sells are either used in China or sent through factories there on the way to becoming part of electronic devices sold around the world. Last year, Huawei accounted for about $900 million of Broadcom’s sales, Tan has said.The chipmaker’s position as a major manufacturer of components for Apple Inc. and Samsung Electronics Co. means its orders are seen as a gauge of confidence in future demand from some of the world’s largest smartphone makers. It’s also one of the leading suppliers of networking components used by large data-center operators such as Alphabet Inc.’s Google and Amazon.com Inc.’s cloud division.Tan said that there is a “seasonal uptick” in demand for phone parts because of the launch of new models from his “large North American customer,” using his typical reference for Apple. Orders at this point are typical of the buildup ahead of a phone release, and sales of the devices will determine demand in the future. Apple’s iPhone 11 goes on sale Sept. 20.Three months ago, Tan pared back his revenue forecast for the year, indicating that sales in each of the remaining quarters would be a billion dollars lighter than previously expected. That has held back Broadcom’s stock, which is up 18% this year, compared with a 39% advance by the Philadelphia Stock Exchange Semiconductor Index.In the current circumstances, the company will prioritize paying down debt over buying back shares, Chief Financial Officer Tom Krause said on the conference call. Doing so is important to retaining the company’s investment-grade credit rating.Net income in the fiscal third quarter declined to $715 million, or $1.71 a share, from $1.2 billion, or $2.71, a year earlier, Broadcom said. Chip unit sales were about $4.4 billion in the recent period, accounting for 79% of the company’s total revenue. They were down 4.7% from a year earlier.(Updates with comments from executives starting in fifth paragraph)To contact the reporter on this story: Ian King in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Jillian Ward at email@example.com, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Mountain View layoffs include workers in administrative services, IT, engineering, corporate responsibility, sales operations, brand management, finance, global staffing, investor relations, legal, operations, product and program management along with other roles.
As the trade war eases, Broadcom stock has soared 5.4% through September 10. Broadcom plans to release its Q3 earnings after the market closes.
Investors target stocks that have been on a bullish run lately. Stocks seeing price strength have a high chance of carrying the momentum forward.
Oracle (ORCL) unexpectedly released its earnings results for the first quarter of fiscal 2020 on Wednesday after the market bell.
Broadcom said demand in its semiconductor business has “bottomed out”, taking some of the sting out of quarterly revenue that fell just shy of expectations as the chipmaker continues to deal with the fallout from the US-China trade spat. In June, the trade dispute and Washington’s export restrictions targeting Huawei prompted Broadcom to cut its revenue outlook by $2bn to $22.5bn for fiscal 2019, with the company warning that geopolitical uncertainties had driven a slowdown in the chip sector. Broadcom reiterated that revenue guidance Thursday, while also posting fiscal third-quarter earnings that outpaced Wall Street’s forecast.
Despite beating analyst expectations with the fiscal fourth quarter results it posted on Tuesday, Zscaler's outlook for the current quarter and rest of its new fiscal year appeared to reinforce concerns that it might be less successful in the future.
After Friday's buyout offer for Symantec's Consumer Cyber Safety segment, its stock soared 4.5% to $24.52. This pushed its market cap to $15.2 billion.
Broadcom (AVGO) Q3 results are expected to benefit from expanding presence in the infrastructure software space on synergies from CA buyout. However, Huawei ban and trade war remain concerns.
According to sources the Wall Street Journal didn’t name, the two firms offered Mountain View-based Symantec $26 to $27 a share in a deal that would preserve the $10.7 billion sale of Symantec’s enterprise business to Broadcom.
Symantec Corp. shares rallied Friday following a report that private-equity firms are looking to keep what's left of the cybersecurity company once Broadcom Inc. closes its acquisition of its enterprise business. Symantec shares rallied 5.5% to $24.79 at last check, after hitting an intraday high of $25.77, following a Wall Street Journal report that private-equity firms Permira and Advent International Corp. are offering $26 to $27 a share for Symantec, valuing the company at $16.4 billion, while preserving the $10.7 billion sale of the company's enterprise unit to Broadcom, which was announced less than a month ago. Shares of Symantec are up 30% for the year, with nearly all of that gain coming in the last three months. The deal would continue the cybersecurity M&A fever that has been playing out in 2019 and forecast by the industry over the past few years.
Shares of Symantec rose as much as 10% after the report. Permira and Advent recently approached Symantec proposing a takeover deal valuing Symantec at $26 to $27 a share that would hand them the company's consumer operation while preserving the sale of its enterprise business to chipmaker Broadcom Inc, the report said.
Permira and Advent have offered to buy the cybersecurity major at $26 to $27 a share, people familiar with the matter told the Wall Street Journal.
The acquisition is expected to boost Palo Alto's (PANW) Cortex platform by implementing Zingbox's cloud-based service and advanced AI and ML technology into its security offerings.
Q1 2020 Symantec Corp Earnings and Sale of Enterprise Security Assets for $10.7 Billion to Broadcom Call
Millennials are rapidly outpacing the baby boomers and makes up around 25% of the U.S. population. Millennials are classified those whose birth years range between 1981 and 1996.