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Finance
Why Broadcom Stock Ticked Higher on Tuesday
This was partially due to a broad investor pivot away from software companies into hardware makers.
Unlike many other tech stocks, Broadcom(NASDAQ: AVGO) landed in positive territory on the second trading day of the week. It closed the trading session more than 1% higher, thanks to capital flight from software titles to hardware makers, and to a bullish analyst update.
Tech investors were cycling out of legacy software companies following International Business Machines' release of its preliminary second-quarter results. These indicate that both the company's revenue and net profit, not under generally accepted accounting principles (GAAP), will come in well under analyst consensus estimates.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
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