Broadcom announces earnings after the close | Forexlive
Broadcom will announce earnings after the close. What is expected?
- EPS $1.22
- Revenues $12.979
THe price of Broadcom – like other chip stocks – has been hit over the last few weeks of trading. From the high on August 22 and $172.42, the price has move down to a low of $149.15 reached just yesterday. That represents a decline of -13.5%. Today the price low reached $150.11 and currently trades at $153.96.
Looking at the daily chart, the price low today and yesterday stalled near its 100-day moving average currently at $149.58. With earnings after the close, the market is respecting that moving average, and how the earnings play out will tilt the bias more to the upside or to the downside. Note that although the price is down -13.5% over the last few days, going back to early August, the price low reached down to $128.42. So there is room to roam.
With most of the other earnings already released including Nvidia from last week, the markets and the chip sector will be watching the results closely. Shares of Nvidia, in contrast to Broadcom, has had a 20.68% decline from it’s recent high on August 26.
Looking at other major chip stocks:
- Micron has fallen -20.94% from it’s August 22 high of $111.00 to its low today and $87.76
- AMD has fell 16.01% from its August 20 high of $162.04, to the low reached on Tuesday (at $136.10)
- Intel, which has its own bigger problems, is down -13.02% from its high from Monday.
Of course, the US jobs report will also have a say as to the rise or fall at the open tomorrow. However, before then, the bias of the market may be strongly contingent on a BEAT or MISS from Broadcom.