Diamonds and Dogs
Broadcom (AVGO) firing on all cylinders. The semiconductor equipment maker jumped 8% to new highs following better than expected earnings. The company easily beat estimates by 19 cents while revenue rose 17.9% year to $4.20 billion. The company also raised guidance for the current quarter and expects demand to remain strong through out the year end. The stock received three upgrades with price targets of $260, $275, and $290.
Restoration Hardware (RH) was having a good year. The home furnishing retailer fell 25% following earnings. The company actually matched earnings and sales estimates, but lowered full year earnings guidance. The company now sees full year earnings guidance of $1.67-1.94 a share verse consensus estimates of $2.17 a share. From March to May, Restoration Hardware's stock more than doubled, but June has been a different story.