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Broadcom Inc. (NASDAQ:AVGO) shares are down Monday. Here’s what you need to know.
What’s Happening: Broadcom is set to report its third-quarter earnings after the market closes on Thursday, September 5th. Market analysts have projected an estimated earnings per share (EPS) of $1.20, alongside expected revenue of $12.96 billion. This upcoming earnings report has the potential to provide critical insights into Broadcom's financial health and its outlook for the remainder of the year.
Recent Developments: In addition to the earnings anticipation, Broadcom has also garnered attention following a recent disclosure from former House Speaker Nancy Pelosi. Pelosi revealed an investment in the company, which includes the purchase of call options on Broadcom, with the strike price adjusted to $80 following a 10-for-1 stock split. These options are set to expire in June 2025.
The semiconductor sector has also been under pressure recently and Nvidia Inc. (NASDAQ:NVDA), a key player and leader in the industry, has seen a sell-off that appears to be dragging down related stocks, including Broadcom. Given Broadcom's significant role within the semiconductor space, the company is often seen as a bellwether for the industry, meaning that negative trends in leading stocks like Nvidia can weigh heavily on Broadcom’s performance.
Technical Analysis: From a technical perspective, Broadcom’s stock is showing some interesting signals. According to a chart analysis by TrendSpider, Broadcom is forming an inverse head-and-shoulders pattern, which is typically seen as a bullish indicator. This pattern suggests the potential for a trend reversal from bearish to bullish, which could offer some hope for investors looking for a rebound in the stock's price.
AVGO Price Action: As of the latest trading, Broadcom shares have fallen 5.19% to $154.42 according to Benzinga pro.
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