Broadcom Limited AVGO was a big mover last session, as the company saw its shares rise more than 5% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This reverses the recent trend for the company as the stock is now down 11.7% in the past one-month time frame.
The move came after Broadcom raised its bid for acquiring Qualcomm.
The company has seen six positive estimate revisions in the past few weeks, while its Zacks Consensus Estimate for the current quarter has also moved higher over the past few weeks, suggesting that more solid trading could be ahead for Broadcom. So make sure to keep an eye on this stock going forward to see if this recent jump can turn into more strength down the road.
Broadcom currently has a Zacks Rank #3 (Hold) while its Earnings ESP is positive.
A better-ranked stock in the Electronics – Semiconductors industry is Cabot Microelectronics Corporation CCMP, which currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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