{ }
Symbol AVGO
Name Broadcom Inc.
Currency USD
Sector Information Technology
IndustryGroup Semiconductors & Semiconductor Equipment
Industry Semiconductors & Semiconductor Equipment
Market NASDAQ Global Select
Country United States
State CA
City San Jose
Zipcode 95131-2313
Website http://www.broadcom.com
Stock futures indicate a lower open for major U.S. indexes as the market pulls back from record highs, with the S&P 500 and Nasdaq down 0.2% and 0.4%, respectively. Large-cap tech stocks mostly declined in premarket trading, while Adobe shares fell 11% due to a disappointing revenue outlook despite strong quarterly results. Investors await key economic data, including jobless claims and wholesale inflation, which could impact the Federal Reserve's interest rate decisions.
U.S. stock indices, including the Dow, S&P 500, and Nasdaq, are set to open lower amid economic concerns. Oil prices have increased, with Brent crude at $73.91 and WTI at $70.62 per barrel, driven by speculation of potential new sanctions on Russia by the Biden administration targeting oil and its shadow tanker fleet.
The stock market rally continues, with the Nasdaq surpassing 20,000 for the first time, driven by megacap stocks like Tesla, Google, and Amazon reaching new highs. Despite a slight dip in Dow and S&P futures, bullish sentiment remains strong, though caution is advised as the Nasdaq is extended above its 50-day moving average. Investors are encouraged to refine watchlists and prepare for potential market adjustments.
Apple is collaborating with Broadcom to develop its first in-house AI server chip, codenamed Baltra, which is expected to enter mass production by 2026. The chip will focus on processing new data and interacting with large language models to enhance AI tasks, setting it apart from traditional training models. Manufactured by TSMC using advanced 3-nanometer technology, this initiative aims to bolster Apple's competitive edge in the AI market, particularly following the success of ChatGPT.
Oracle shares fell over 7% after missing earnings expectations and providing a weak outlook, impacting market sentiment, though analysts remain optimistic about the stock's long-term potential due to ongoing demand for data centers. Comcast anticipates losing 100,000 broadband customers in Q4, with Bank of America suggesting the recent 9.5% stock drop was excessive, while concerns about value creation arise from the planned separation of its businesses. Citi has raised its Broadcom price target to $205, despite expectations of muted guidance, leading to speculation that upcoming earnings may disappoint.
The Dow Jones Industrial Average fell 0.4% as investors awaited key inflation data, while Nvidia rallied 1.6% after a previous drop, hovering near a critical support level. Oracle's shares plunged 9% following disappointing earnings, and Tesla gained 3%, extending its win streak. Key inflation reports are set for release this week, influencing market sentiment.
Small business owners are optimistic about economic growth, with expectations rising significantly. Meanwhile, Mizuho recommends buying shares of Ball, citing a favorable long-term outlook despite recent capacity closures. Nvidia faces scrutiny in China, impacting its stock, while Broadcom is expected to exceed fiscal fourth-quarter estimates. South Korean markets surged amid political turmoil, contrasting with European stocks that opened lower following disappointing trade figures from China. In extended trading, Oracle's shares fell after missing earnings estimates, while MongoDB and Vail Resorts saw gains due to positive forecasts and narrower losses, respectively.
On December 9, 2024, major analyst calls highlighted key companies including Nvidia, Tesla, Rivian, AMD, Broadcom, Charles Schwab, and PayPal. These insights are crucial for investors looking to navigate the current market landscape effectively.
Asian markets opened sluggishly, with the Nikkei up 0.19% and the KOSPI down 1.37%, despite Wall Street's tech-driven gains. Attention is on China's inflation data, expected to show slight improvement, while South Korea faces ongoing political uncertainty that may dampen market sentiment. The Hang Seng Index saw a rally last week, but future gains depend on the upcoming Central Economic Work Conference's outcomes.
IG
Jim Cramer highlighted key upcoming events for investors, including earnings reports from Oracle, Broadcom, and GameStop, alongside new inflation data. He anticipates solid results from Oracle due to high demand for data center products, while expressing caution about C3.ai's profitability. The consumer price index release on Wednesday could reveal hot inflation numbers, impacting market sentiment.

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