3 Chip Stocks to Note Now: Broadcom Takes a Hit, Nvidia’s Shield 2, Perlmutter Leaves Intel
Broadcom Corp. (NASDAQ:BRCM): Shares of Broadcom are plunging more than 8 percent in the wake of Tuesday’s earnings report, which, despite showing beats for both earnings and revenue, brought with it softer-than-expected guidance for the fourth quarter. Investment firm Wedbush has cut its rating on the chip maker to Neutral, as Broadcom also revealed that it would be axing some 1,150 jobs and will be recording $32 million in restructuring costs this year.
Nvidia Corp. (NASDAQ:NVDA): Earlier this week, Nvidia announced that it is preparing its Shield 2 gaming device. Though the original Shield was largely viewed as unsuccessful, Nvidia still has faith in the mobile gaming sector, as evidenced by the Tegra 5 Logan processing chip that will be found in the devices. The Shield 2 is slated to be an efficient machine power-wise that may even be able to offer 3-D-like graphics.
Intel Corp. (NASDAQ:INTC): Dadi Perlmutter, the vice president who oversaw Intel’s Architecture group, recently announced that he will be leaving the company. Some of his responsibilities had already been shifted as part of a reorganization, a precursor to the departure of the man who was once slated to be the next CEO of Intel.