Hot Stocks: AVGO jumps on Q3 guidance, LULU gains on earnings, RKLB rises, and LYB dips on downgrade
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Broadcom Inc. (NASDAQ:AVGO) and Lululemon Athletica Inc. (LULU) head higher into the green in Fridayâs premarket session as AVGO topped third-quarter results and guidance and LULU outdid its second quarter earnings report. Also trending upwards are shares of Rocket Lab USA, Inc. (RKLB).
LyondellBasell Industries N.V. (LYB) on the other hand has fallen as the chemical companyâs stock was downgraded.
Gainers
Shares of Broadcom Inc. (AVGO) tracked higher by 3.2% on Friday morning after the firm delivered third-quarter results and guidance that topped estimates. For the period ending July 31, AVGO stated that it had earned $9.73 per share on $8.46B in revenue, and analysts expected the semiconductor company to earn $9.55 per share on $8.41B in revenue.
Lululemon Athletica Inc. (LULU) gained 9.4% in premarket trading after the company blew past the consensus mark with its second quarter earnings report. Total revenue for LULU was up 29% during the quarter, led by a 35% jump in international markets and 28% gain in North America.
Rocket Lab USA, Inc. (RKLB) moved up by 2.9% early on as the company announced that it successfully test fired a reused Rutherford first stage engine for the first time.
Decliner
LyondellBasell Industries N.V. (LYB) dipped by 1.4% on Friday morning after the stock was downgraded by JPMorgan Chase to Neutral from Overweight. The financial institution said LYB is grappling with declining prices for commodity chemicals and lower volumes.
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