- Broadcom ( NASDAQ: AVGO ) shares slipped close to 2% Tuesday as the communications chipmaker added to losses that dragged its stock price down by more than 16% in June.
- There was no direct news seeming to weigh on Broadcom's ( AVGO ) shares as trading progressed. However, the chip sector got a bit a of bad news last Thursday when memory chipmaker Micron Technology ( MU ) gave a weaker-than-expected fiscal fourth-quarter forecast, and mixed third-quarter results. Micron ( MU ) said that for its fourth quarter, its expects revenue to be between $6.8B and $7.6B, while analysts had previously forecast Micron ( MU ) to post sales of $9.05B for the period.
- Some analysts said Micron's ( MU ) outlook suggests a "substantial" correction in semiconductor demand and inventories is the works for the sector .
- For its part, Broadcom ( AVGO ) recently reached a agreement to acquire VMWare ( VMW ) for $69B, in a deal that may see a long review process from European antitrust regulators .
For further details see:
Broadcom shares slip in wake of Micron Tech's worries