Broadcom Misses the Rally (BRCM)
Posted in pre-marketOctober 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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