2 Tech Stocks Leading the Market Melt-Up Friday
Investors got exactly the news they wanted on Friday. The economy appears to be doing well, withstanding the pressure of higher interest rates without causing a big disruption in the labor market thus far. Major market benchmarks climbed sharply at midday, with the Dow Jones Industrials leading the way with a gain of nearly 2%.
Many sectors contributed to the rise on Wall Street, but the tech sector remained important. Indeed, with investors scouring the sector to find the best potential artificial intelligence (AI) stocks for the future, the latest financial results from Broadcom (NASDAQ: AVGO) had the spotlight as the week drew to a close. However, a much smaller stock had much better performance, as Samsara (NYSE: IOT) jumped out with an outsize gain. Below, you'll learn more about both companies and what they said.
Shares of Broadcom were up more than 2% on Friday afternoon. That might seem like a tiny move in comparison to what some other stocks in the semiconductor chip industry have seen lately, but when you consider the stock was down 6% or more in after-hours trading late Thursday, the rebound is noteworthy.
Source Fool.com
Broadcom Ltd. Stock
The stock is an absolute favorite of our community with 67 Buy predictions and no Sell predictions.
Based on the current price of 144.66 € the target price of 1384 € shows a potential of 856.73% for Broadcom Ltd. which would more than double the current price.
