Hampered by slowing iPhone sales, Apple (AAPL) chipmaker Avago Technologies (AVGO) is expected late Wednesday to report its second decelerating-revenue-growth quarter in two years. In the past three consecutive quarters, the Singapore-based chipmaker posted triple-digit percentage increases in revenue. Wall Street doesn’t see Avago making it a four-peat. The consensus of 21 analysts polled by Thomson Reuters models earnings per share of $2.14,
IBD’s latest Screen of the Day is Accelerating Mutual Fund Ownership, which lists the companies that mutual funds have been loading up on recently. The semiconductor sector had been hot this year, but Apple’s (AAPL) recent slide after it reported lower-than-expected iPhone sales dragged down many of its chip suppliers, including Skyworks Solutions (SWKS), Cirrus Logic (CRUS), Qorvo (QRVO), NXP Semiconductors (NXPI) and Avago Technologies (AVGO).
Semiconductor manufacturer Avago Technologies (AVGO) suffered a price target cut Monday after its soon-to-be acquisition Broadcom (BRCM) offered Q3 guidance that fell slightly short of Wall Street’s forecast. For Q3, ending Sept. 15, Broadcom guided to $2.135 billion in revenue, just behind the consensus of 35 analysts polled by Thomson Reuters who forecast $2.166 billion. Broadcom reported its Q2 earnings in a press release Thursday rather than a