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Broadcom Plunges, Petco Slides, UnitedHealth Rises as BofA Lifts to Buy on Improving Cost Trend
Description
On this episode of Stock Movers:
-Broadcom (AVGO) shares plunged after the company’s forecast for sales of its artificial intelligence chips disappointed investors. AI semiconductor revenue will be $16 billion in the fiscal third quarter, falling well below analysts’ expectations of $17.2 billion on average.
-Petco (WOOF) shares fell as much as 18% in postmarket trading after the company's second-quarter forecast fell below consensus estimates. The company reported adjusted Ebitda of $97.3 million and net sales rose 0.2% to $1.5 billion, the first year-over-year sales growth after five consecutive quarters of contraction.
-UnitedHealth (UNH) shares rise. BofA Global Research upgraded the health insurer to buy from neutral, citing improving medical cost trends.
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