Broadcom (BRCM) Hits New High On Teknovus Acquisition
Posted: Wednesday, March 10, 2010 3:16 PM EDT
By: Market Intelligence Center Staff
Broadcom (NASDAQ: BRCM) hit a new 52-Week high of $32.96 so far today. Currently the stock is up $1.27 (4.02%) to $32.90 on 11,882,121 shares traded. Today's high is up $16.59 from a 52-Week Low of $16.31. Broadcom stock has been showing support around $30.92 and resistance in the $32.32 range. Technical indicators for the stock are bullish and S&P gives BRCM a positive 4 STARS (out of 5) buy ranking. The company announced today that it had completed the acquisition of Teknovus, which is a leading supplier of Ethernet Passive Optical Network chipsets. If you are looking for a hedged play on BRCM the stock seems like it could be a candidate for an August out-of-the-money bull-put credit spread below the 25 range. [ABR-Seven Summits Strategic Investments NewsBite]
CLICK HERE: FREE Broadcom (BRCM) Stock ReportSee what our analysts have uncovered about Broadcom (BRCM).