Broadcom stock dinged in final minutes on report Apple working on its own WiFi/Bluetooth chips

Broadcom Inc. shares closed sharply decrease Monday within the last minutes of buying and selling following a report that Apple Inc. was working by itself WiFi and Bluetooth chips, which might make Broadcom’s pointless in iPhones and different Apple cell units.

Broadcom
AVGO,
-1.96%

shares traded as excessive as $601.67 on Monday, a acquire of two.3%, however dropped in a matter of seconds to a low of $560.56, for a 4.7% intraday loss, earlier than ending the day down 2% at $576.89.

Towards the tip of the buying and selling day, Bloomberg News reported that Apple
AAPL,
+0.41%

had in place plans to launch its first modem chip on the finish of 2024 or early 2025, giving the consumer-electronics large little motive to purchase these chips from Broadcom.

Broadcom shares slipped a further 0.8% after hours. Again in December, Broadcom’s “excellent backlog management” earned it reward from Wall Road, following an earnings report by which Broadcom CEO Hock Tan refused to provide a full-year outlook as the company scrubbed its backlog.

Compared, the S&P 500 Index
SPX,
-0.08%

completed down lower than 0.1% on Monday, the tech-heavy Nasdaq Composite index
COMP,
+0.63%

superior 0.6%, and Apple shares closed up 0.4% at $130.15.

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