Diamonds and Dogs
Broadcom Corp (BRCM)
Broadcom is soaring today, up 19.85% to $56.39. The semiconductor company saw its shares pop after news that Avago Technologies is interested in purchasing the company. The rumor broke this morning on the Journal's website, however it is unclear what terms the Broadcom and Avago were discussing or whether a deal would be reached. The news helped shares rally over $9.00 and hit a new 52-week high of $57.69.
Michael Kors Holdings Limited (KORS)
Michael Kors is not looking fashionable today, down 23.50% to $46.35. The branded retailer saw its shares fall after a miss on earnings, and lower guidance. For the quarter, management announced an EPS of $0.90 on revenue of $1.04 billion, both numbers missing analysts' estimates. Michael Kors said, "a low double-digit comparable-store sales decrease on a reported basis and a mid-single-digit decrease on a constant currency basis." Shares of the company fell over $14.00 and hit a new 52-week low of $45.90.