Broadcom earnings to be reported after the close

<ul><li><p>Last Quarter Performance: Broadcom reported revenues of $8.88 billion last quarter, a 0.6% decrease year-on-year, aligning with analyst expectations. </p></li><li><p>Current Quarter Expectations: Analysts anticipate a 4.1% year-on-year revenue growth for Broadcom, estimating revenues to be around $9.28 billion. This growth rate is slower compared to the 15.7% year-over-year increase in the same quarter last year. Adjusted earnings are expected at $10.96 per share.</p></li></ul><p>Looking at the hourly chart below, the price of AVGO (Broadcom) moved below its 200-hour moving average on Tuesday, but has rebounded back toward that moving average level at $922.53. The price is closing at $920.68 of $17.04 or 1.89% in trading today. </p><p>A move higher would have traders targeting the 100-hour moving average at $947.55. On a disappointment, a break below 50% of the move up from the September low at $897.50 would open the door for further selling momentum from a technical perspective.</p><p>All chip stocks were up strongly today:</p><ul><li>Nvidia rose 2.42%</li><li>AMD rose 9.84%</li><li>Intel rose 2.06%</li><li>Taiwan Semiconductor rose 1.47%</li><li>Qualcomm rose 2.25%</li></ul>

This article was written by Greg Michalowski at www.forexlive.com.