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Omar Venerio
Omar Venerio
Articles (1561) 

Dow Surpasses 27,000 on Friday

Broadcom reports 3rd-quarter results

Dow stocks were in the green on Friday on continued positive developments regarding the U.S.-China trade war. The Dow Jones Industrial Average gained 0.18% to 27,231, while the S&P 500 index slid 0.08% to 3,007 and the Nasdaq Composite Index declined 0.24% to 8,175.

Shares of Broadcom Inc. (NASDAQ:AVGO) fell almost 3% after announcing third-quarter results. The company posted earnings of $5.16 per share on $5.52 billion in revenue. The company beat earnings estimates by 3 cents, butrevenues were in line with expectations.

The GAAP gross margin was $3.03 billion, or 55% of net revenue, up from $2.6 billion, or 51.7%, in the prior-year quarter. The operating income was $865 million, or 15.7% of net revenue, down from $1.3 billion, or 26.4%, a year ago.

Further, the non-GAAP gross margin was $3.9 billion, or 71% of net revenue. The operating income from continuing operations was $2.91 billion, or 52.8% of net revenue.

Moreover, the company generated $2.42 billion in cash from operations, while it spent $736 million repurchasing 2.6 million shares.

Looking ahead to full-year 2019, the company expects revenue to be $22.5 billion, with a non-GAAP operating margin of 52.5%.

During the quarter ended June 30Steven Romick (Trades, Portfolioreduced his stake by 3% to 1,340,149 shares.

Gainers

Losers

Global markets

The main European stock markets traded in the green. The U.K.'s FTSE 100 advanced 0.31%, France's CAC 40 swelled0.22%, Germany's Dax rose 0.47% and Spain's IBEX 35 gained 0.61%.

In Asia, Japan's Nikkei 225 climbed 1.05%, India’s BSE Sensex inched up 0.76%, Hong Kong's Hang Seng rose 0.98% and China's Shanghai Composite rose 0.75%.

Disclosure:The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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