Broadcom Misses the Rally (BRCM)

Posted in pre-market 
October 23rd, 2009

Broadcom Corp. (NASDAQ: BRCM) is sitting on the sidelines of the market rally in tech stocks that beat earnings.   The communication chip maker posted earnings of $0.40 in non-GAAP EPS (was $0.16 in GAAP EPS) and a 20% revenue jump sequentially and 3.4% lower than a year ago to $1.254 billion.  Thomson Reuters estimates were $0.33 non-GAAP EPS and $1.16 billion in revenues.  It is guiding revenues flat sequentially.  This stock at 5:26 PM EST yesterday was down at $28.00, down 8.88% on 1,416,728 million shares since the close.  At 8:40 AM EST we have seen only 100,000 shares trade hands, but the stock is down 8% at $28.25. JON OGG

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