Broadcom Plunges, Petco Slides, UnitedHealth Rises as BofA Lifts to Buy on Improving Cost Trend
Stock Movers4 Kesä

Broadcom Plunges, Petco Slides, UnitedHealth Rises as BofA Lifts to Buy on Improving Cost Trend

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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