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This list tracks the largest earnings beats for companies recently reporting earnings. This list is produced daily using the real-time earnings results reported by Selerity and limited to the top 30 stocks that meet the criteria.
Chipmaker Broadcom tumbled after beating quarterly earnings expectations but missing revenue estimates and saying it sees a slowdown in demand. , an online retailer of pet food and supplies, jumped 59.1% to $34.99 after it debuted on the New York Stock Exchange.
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Tech conglomerate Broadcom Inc. pretty much wiped out any hopes for a better second half, citing a combination of the sanctions on Huawei, but also an environment of very jittery customers.
Chip stocks are falling in Friday trading after Broadcom Inc. gave a gloomy forecast, suggesting more pain could be in store for the semiconductor industry.
Broadcom Inc. gave investors a taste of a worst-case scenario late Thursday, chopping $2 billion off its annual sales forecast. Chief Executive Officer Hock Tan told investors the company is suffering from a "very, very sharp and rapid contraction" as a result of the trade uncertainty and U.S. ban on sales to Huawei Technologies, one of Broadcom’s biggest customers. Chipmakers fell Friday, with the Philadelphia semiconductor index closing with a loss of 2.6%.
A flickering light never goes out for equity markets, especially one kindled by the hope of central bank easing. The narrative of rebounding global growth and expectations of President Trump striking a “beautiful” trade deal subsequently withered during May, but the profound decline in government bond yields has provided a security blanket for broad equity performance. At the very least, investors enter the second half of the year with plenty of stimulus, via slumbering long-term bond yields, supporting the financial system and providing reasonable cause for some equity market optimism.
Jim Cramer is on the floor of the NYSE to talk about the Chewy IPO, the Broadcom earnings, and The Fed's meeting next week.
Broadcom (AVGO) stock fell ~8.5% after markets closed yesterday following the semiconductor giant's fiscal 2019 second-quarter earnings release. It missed analysts' revenue estimate and cut its fiscal 2019 revenue guidance by $2 billion to $22.5 billion due to sluggishness in its semiconductor solutions business.
U.S. stocks ended lower on Friday as investors were cautious going into next week's Federal Reserve meeting, while a warning from Broadcom of a broad weakening in global demand weighed on chipmakers and added to U.S.-China trade worries. Other chip companies, which both source product and sell heavily in China, dropped sharply.
Raymond James analyst Chris Caso reiterated a Market Perform rating on Broadcom. Morgan Stanley analyst Craig Hettenbach maintained an Equal-weight and reduced the price target from $262 to $250. Credit Suisse maintained an Outperform rating and $320 price target.
Key indexes closed slightly lower in the stock market today as Broadcom and other chips weighed. But the Dow Jones and S&P 500 held key support.
Stocks mostly closed lower on Friday, leaving weekly gains still intact, after shares of computer chip makers came under pressure due to US-China trade tensions. The S&P 500 fell 0.2% to end around 2,887. The Dow Jones Industrial Average shed 17 points, or less than 0.1%, to finish near 26,090. The Nasdaq Composite slipped 0.5% to end around 7,797. For the week, S&P was up 0.5%, the Dow was up 0.4% and the Nasdaq was up 0.7%. Broadcom Inc. shares led the slump in tech stocks on Friday after the semiconductor manufacturer lowered its guidance for the rest of the year on late Thursday. Broadcom's stock tumbled 5.4%. Still, key equity benchmarks were propped up by expectations for the Federal Reserve to signal its plans to cut rates in the near-future at next week's meeting. In other company news, Chewy Inc. shares rose 63% after its debut IPO in the New York Stock Exchange. The pet care company's stock ended at around $36 a share.
June 14 (Reuters) - U.S. stocks ended lower on Friday, with investors cautious going into next week's Federal Reserve meeting, while a warning from Broadcom of a broad weakening in global demand weighed on chipmakers. The Dow Jones Industrial Average fell 17.16 points, or 0.07%, to 26,089.61, the S&P 500 lost 4.65 points, or 0.16%, to 2,886.99 and the Nasdaq Composite dropped 40.47 points, or 0.52%, to 7,796.66. (Reporting by Caroline Valetkevitch, Editing by Rosalba O'Brien)
Broadcom (AVGO) presented their second quarter earnings on Thursday after market close, and the call, as described by CNBC's Jim Cramer, was "truly depressing."
The sell-off in chipmaking titan Broadcom threw a wet blanket on the new market rally. The Nasdaq and small caps led the drop. This Dow Jones stock rose.
Chip maker Broadcom’s full-year sales guidance reduction may point to poor iPhone sales, according to Bank of America Merrill Lynch. Apple is Broadcom’s biggest customer.
Global equities are under pressure on Friday as traders worry about the fallout from the attack on two energy tankers in the Persian Gulf as well as dismal economic data out of China, where industrial output growth slowed to a 17-year low.Semiconductor stocks are getting hit hard, with the pressure beginning over in Europe with names like Infineon, AMS and STMicroelectronics (NYSE:STM) feeling the hurt after Broadcom (NASDAQ:AVGO) cut forward guidance and warned of a demand slowdown due to a tech ban resulting from U.S.-China trade tensions.All eyes are now turning towards the Federal Reserve's next policy announcement on June 19, with hopes high that officials heed the message of the futures market and prepare for interest rate cuts later this year. The promise of easier credit could help juice the market higher as the economic data worldwide becomes more and more disappointing.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe specter for disappointment is extremely high, however, with history reminding us that the majority of prior Fed interest rate cuts come as a recession is already in flight. If so, the selling could well intensify, led by the makers of the silicon "raw materials" of our modern economy: Semiconductors. * 10 Stocks to Buy That Wall Street Expects to Soar for the Rest of 2019 Here are four stocks in the industry to consider selling: Semiconductor Stocks: Intel (INTC)Intel (NASADQ:INTC) shares continue to languish below their 200-day moving average, marking a 22% decline from the late-April high a continuing a long sideways range going back to late 2017. A breakdown below critical support near the $42-a-share level would result in a likely decline back to the 2016-2017 trading range near $34, which would be worth a loss of more than 25% from here.The company will next report results on July 25 after the close. Analysts are looking for earnings of 90 cents per share on revenues of $15.6 billion. When the company last reported on April 25, earnings of 89 cents per share beat estimates by two cents. Nvidia (NVDA)Nvidia (NASDAQ:NVDA) shares are simply unable to get up off the mat, as the onetime momentum sweetheart languishes near its late December lows and remains well below its 50-day and 200-day moving averages. A slowdown in GPU sales, a loss to AMD (NASDAQ:AMD) on upcoming gaming console refreshes from Sony (NYSE:SNE) and Microsoft (NASDAQ:MSFT), and a popping of the bitcoin bubble have all contributed to the downturn. * 7 High-Quality Cheap Stocks to Buy With $10 The company will next report results on Aug. 15 after the close. Analysts are looking for earnings of $1.14 per share on revenues of $2.6 billion. When the company last reported on May 16, earnings of 88 cents per share beat estimates by seven cents on a 31% drop in revenues. Texas Instruments (TXN)Shares of Texas Instruments (NASDAQ:TXN) are rolling down what looks like the right shoulder of a nasty-looking head-and-shoulders reversal pattern bounced by a neckline that coincides with its 200-day moving average. A breakdown here would trace down to a decline back to its late-December lows, worth a loss of roughly 15% from here. Earlier in the month, analysts at Cascend Research noted that demand for power chips in the industrial, automotive, and consumer products area was weakening at a 18%-plus pace year-over-year. This was the worst result in eight years and will weigh on TXN stock's top line results.The company will next report results on July 23 after the close. Analysts are looking for earnings of $1.22 per share on revenues of $3.6 billion. When the company last reported on April 23, earnings of $1.26 beat estimates by nine cents on a 5.1% decline in revenues. Broadcom (AVGO)Broadcom shares are down sharply, nearly 7% as I write this, testing their 200-day moving average average. Management cut its forward guidance as part of its quarterly earnings report, warning that fiscal 2019 results would be dampened by waning demand and ongoing trade tensions. There are a few silver linings, from 10% expected bump in content growth thanks to the 5G wireless rollout to module wins in the upcoming Apple (NASDAQ:AAPL) iPhone 11. * 7 Stocks to Buy for the Coming Recession The company will next report results on Sept. 12 after the close. When the company last reported on June 13, earnings of $5.21 beat estimates by three cents on a 10% rise in revenues.As of this writing, William Roth did not hold a position in any of the aforementioned securities. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 10 Stocks to Buy That Wall Street Expects to Soar for the Rest of 2019 * 7 Value Stocks That Are Flying Under the Radar * 6 Mouth-Watering Fast Food Stocks for Growth Investors Compare Brokers The post 4 Semiconductor Stocks to Sell appeared first on InvestorPlace.