ARKK - What's behind Fred Hickey's put on Broadcom
2023-11-29 10:46:53 ET
Fred Hickey, analyst and editor of The High-Tech Strategist, published in his Tuesday newsletter that among the puts he has added recently is Broadcom Inc. ( NASDAQ: AVGO ).
He explained that Cosco Systems, which is a leading network equipment supplier and a big Broadcom customer, reported about 20% of product order collapses and reduced its full-year guidance as a result.
Also, other equipment makers such as Ericsson ( ERIC ) and Nokia ( NOK ) have reported steep Q3 order declines.
Broadcom ( AVGO ) is expected to report third quarter results on Dec. 7.
The stock is up 82.39% from last year, and about 71% year-to-date.
The company also finalized the acquisition of VMware ( VMW ), a cloud computer company, last week.
His put, Hickey said, is still less than 1% of his portfolio value.
He has also added puts on Tesla ( TSLA ), and ARK Innovation ETF ( ARKK ).
More on Broadcom:
- Broadcom Leveraging AI To Further Soften Its Cyclical Semiconductor Reset
- Broadcom: Shares Breakout, Q4 Earnings On Tap, Watch Buyback Plans
- What To Expect From Broadcom In 2023
- Broadcom said to let go of 'many' VMware employees after deal closes: report
- Broadcom likely to benefit from VMware deal 'immediately,' KeyBanc says
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What’s behind Fred Hickey’s put on Broadcom