Broadcom Surges on News of New Chip
Broadcom Corp. shares hit a new record Monday after the Irvine provider of high-speed transmission technology unveiled a computer chip that allows Web pages and television broadcasts to be viewed on a single screen.
The company’s stock moved up more than $10 to $97.75 before backing off a bit to close at $92.50, up $6 a share, on trading of 1.47 million shares, nearly triple the average daily volume over the last three months.
Broadcom said its chip allows users to simultaneously surf the Internet, watch television programs, check e-mail and view programming guides on one screen. The chip will allow set-top box makers to build systems supporting TV-studio quality text, graphics and video.
“This accelerates the merging of cable set-top boxes and Internet devices,” said Rick Faust, an analyst at Kaufman Brothers LP, who has a “buy” rating on Broadcom.
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