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Broadcom (AVGO) Looks Good: Stock Adds 8.2% in Session

Broadcom Inc. AVGO was a big mover last session, as the company saw its shares rise more than 8% on the day. The move came on solid volume too with far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading above the volatile price range of $264.19 to $283.42 in the past one-month time frame.

The move came after the company reported solid first-quarter fiscal 2019 (ended Feb 3, 2019) results.

The company has seen three negative estimate revisions in the past few weeks, while its Zacks Consensus Estimate for the current quarter has also moved lower over the past few weeks, suggesting there may be trouble down the road. So make sure to keep an eye on this stock going forward, to see if this recent move higher can last.

Broadcom currently has a Zacks Rank #3 (Hold) while its Earnings ESP is negative.

Investors interested in the Electronics - Semiconductors industry may consider a better-ranked stock like Cabot Microelectronics Corporation CCMP, which sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
 
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