Jul 25, 2013

Posted by in Featured, Stock Market News | 0 Comments

Hot Movers: Broadcom Corp. (NASDAQ:BRCM) and Boeing Co. (NYSE:BA)

Hot Movers: Broadcom Corp. (NASDAQ:BRCM) and Boeing Co. (NYSE:BA)

Broadcom Corp. (NASDAQ:BRCM) tripped NASDAQ’s short-sale circuit breaker on Wednesday as its shares declined heavily following the chip manufacturer declared a second-quarter shortfall.

Broadcom shares, which manufacture chips that are integrated in smartphones, including Apple Inc.’s iPhone, were previously lower 15% to $27.02.

The company declared late Tuesday a loss of $251 million, or 43 cents per share, in contrast with a profit of $160 million, or 28 cents per share, in the similar quarter a year earlier. The firm received a writedown on its takeover of NetLogic. Credit Suisse’s John Pitzer declined Broadcom’s rating to neutral from outperform, stating that he has been careful regarding the handset supply chain since the third and fourth quarters of 2012.

Boeing Co.’s (NYSE:BA) 787 Dreamliner has been under dark clouds recently. It was halted for almost four months following inflamed lithium-ion battery packs caused fires on two of the aircraft. A third caught fire July 12 while standing at London’s Heathrow Airport, seemingly an issue with its emergency-locator transmitter. The 787 is also providing a huge improve to Boeing’s bottom line. Omitting one-time items, Boeing reported that it logged core second-quarter earnings Wednesday of $2.03 billion, or $1.67 per share. That was higher 13% from the year-earlier same quarter.

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