Broadcom: JMP Cuts on Pricing Worries, Sluggish Margins

Shares of chip maker Broadcom (BRCM) fell in after-hours trading last night and are down again today despite the fact that the company yesterday exceeded Street expectations for its Q2 and forecast above estimates for the current quarter.

A note from JMP Research’s Alax Gauna sums up the bear case for the stock. Gauna writes today that Broadcom’s beat was aided by a $65.3 million payment from Qualcomm (QCOM) as a result of a settlement reached between the two back in April.

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