Diamonds and Dogs
Tech rebound. Chipmaker, Broadcom (AVGO) is up 4% to a one month high after announcing a massive share buyback plan designed to boost shareholder returns. The San Jose, Calif.-based company announced late Thursday that its board of directors has authorized the repurchase of up to $12 billion of its common stock or 11% of their market cap. Goldman Sachs came out and defended the tech sector saying the sell off on the Facebook issues was overdone.
Profit-taking in the banks. JP Morgan (JPM), Citigroup (C ) and Wells Fargo (WFC)all reported better than expected earnings, but all three are lower. PNC Bank (PNC) is down 3% on in-line earnings. The banks have been one of the better performing sectors up 22% last year. A little profit-taking is understandable.