Tag Archives: brcm

Broadcom Cutting Jobs On Cellular Baseband Chip Exit

Broadcom (BRCM) late Tuesday said it would wind down its cellular baseband chip business and lay off about 2,500 employees, sending its stock to a more than three-year high. The move removed uncertainties, as the company also has mulled selling the unit. Broadcom stock was flat in afternoon trading in the stock market today. Earlier, though, Broadcom stock rose more than 5% to its highest level since April 2011. In the company’s conference call

Broadcom Baseband Business Exit Earns Positive Report

Communications chipmaker Broadcom has received a positive report from investment bank Canaccord Genuity over its decision to exit the cellular baseband business. The action will remove a significant drain on overall profitability and free up management attention and available cash to invest in more profitable areas, Canaccord analyst Matthew Ramsay said in a research note late Monday. Ramsay resumed coverage of Broadcom (BRCM) with a buy rating

Broadcom Mulls Wireless Unit Sale; Stock Rises

Broadcom (BRCM) stock jumped Monday after the chipmaker said it will look to sell or wind down its baseband wireless business. Irvine, Calif.-based Broadcom said it has hired investment banker JPMorgan (JPM) to advise on its “strategic alternatives.” Broadcom rose 9% to 34.84 in the stock market today, after trading as high as 36.05 intraday. It’s now above a 32.41 buy point out of a flat base. “The successful sale or wind-down of the cellular