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Saturday, Jun 15, 2024
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Midday Stock Roundup

The S&P 500 was up 0.02% to 1,923.86 in afternoon trading Monday.

The Dow Jones Industrial Average was up 0.11% to 16,735.21, while the Nasdaq fell 0.27% to 4,231.04.

The yield on a 10-year Treasury bond was up 3.26% to 2.537%.

The price of gold fell 0.07% to $1,245.10.

TECHNOLOGY

Shares of Irvine-based chipmaker Broadcom Corp. jumped by more than 10% after the company said it’s looking for strategic alternatives for its cellular baseband business, including a possible sale. Broadcom, which had a recent market capitalization of about $20.4 billion, said it expects about $700 million in cost savings after it sheds the baseband unit. The company also reiterated second-quarter expectations, including revenue between $2 billion and $2.1 billion.

MANUFACTURING

Santa Ana-based Universal Electronics Inc. was down about 8% in midday trading following a downgrade Monday by analysts at B. Riley from a buy to a neutral rating. Universal Electronics makes remote-control products, audio accessories and other electronics products. The drop ended a steady rally over the past few weeks that had sent the stock up by more than 20%. The company’s recent market capitalization was $669 million.

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