Broadcom & Avago
According to Dow Jones, Broadcom is in advanced talks to be bought by Avago, which would be the latest in a string of semiconductor mergers. Both companies each have a market value of around $30 billion. Broadcom popped almost 22 percent to $57.15. Avago finished about eight percent higher to $141.49.
Movado reported mixed results. The watch retailer’s earnings were below estimates as it was impacted by currency fluctuations. Still, the company says it was able to overcome that and a weaker retailer environment. Shares dropped almost four percent to $26.56.
Chico’s reported that its first quarter profit dropped by almost 20 percent on restructuring charges and lower sales. The woman’s retailer has been closing stores and cutting jobs to turn its business around. Shares were a fraction lower to $16.64.
ISS Proxy Advisory Services is urging Caterpillar’s shareholders to reject the executive pay plans for the company’s CEO. The firm also recommends that shareholders vote against the re-election of one of the construction equipment maker’s directors. The stock rose a few cents to $87.92.