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PPR - AVGO 11/19/14

Semiconductor AVGO had a pocket pivot breakout. It gapped lower after INTC came out with a weak earnings report, sending the whole semiconductor sector lower in a hurry. But the INTC news weighed the semis down only a short while as shown by the semiconductor ETF SMH which was quick to bounce straight back to new highs, mirroring the major indices. Market context is ever important so despite the V shape of AVGO, its fundamentals remain strong: earnings and sales are strongly accelerating, pretax margin 30%, ROE 27.6%, group rank 28. Nevertheless, this remains a tricky buy since the general market has gone straight up from lows but today finally broke above its sideways price action. But volume remains light, so if one decides to buy at this juncture, conservative investors may want to keep their position size on the lighter side. 

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