Diamonds and Dogs
Monster Beverage (MNST) having a monster day. The caffeine drink company is up 5% following a shareholder meeting yesterday when they said sales growth has remained solid and continues to expect global sales growth of ~10% through 2019. They also anticipate a gradual improvement in gross margins through 2019, due in part to the highly likely decision to raise pricing for their products. Last week Monster Beverage announced a new $500-million share buyback plan. One analyst recently upgraded the stock with a price target of $63 a share.
Broadcom (AVGO) lower following better than expected earnings. The company beat expectations as sales rose 19.4% year/year to $5.02 billion. Free cash flow, defined as cash from operations less capital expenditures, was $2,124 million in the quarter. However, the stock is lower on concerns of slowing sales in iphones. Canaccord Genuity's, Michael Walkley increased his price target to $335 from $325 a share. The analyst said despite ongoing weak global smartphone trends impacting wireless division results and guidance, he believes the remainder of Broadcom's business remains strong.