The stock market closed lower on Thursday, after data showed strong labor market despite the interest rate hikes of the Federal Reserve to mitigate inflation.
Overall, S&P 500 declined 1.2% to 3,808, while NASDAQ fell 1.5% 10,305.
Tweet of the Day
DOCSIS 4.0 is coming to an internet service near you. But before shopping Comcast or Charter stock $CMCSA $CHTR, chip cos are of course a great place to start. Here's too: Broadcom $AVGO and MaxLinear $MXL.https://t.co/z0GwwjZPVC
— Nicholas Rossolillo (@nrossolillo) December 28, 2022
Chart of the Day
Our chart of the day is the one-year chart of Broadcom (AVGO) as of December 28, 2022, when the stock was at $545.
Broadcom is a semiconductor and software company that designs thousands of products for home connectivity, cloud data centers, and enterprise businesses.It is a conglomerate that was formed over 50 years of mergers and acquisitions including old-school tech companies AT&T/Bell Labs, Lucent, Hewlett-Packard and its semiconductor division, and younger industry leaders (including Broadcom, LSI, Broadcom Corporation, Brocade, CA Technologies and Symantec).
Although semiconductor stocks are weak due to slow PC sales, Broadcom does a lot of business with high-speed broadband providers and there [are] lots of government spending in rural areas which should benefit AVGO.
– David Sharek, Founder of The School of Hard Stocks
AVGO is a top holding in the Growth Portfolio. It is one of David Sharek’s favorite stocks as it holds a low P/E of only 13.
