FBR added Broadcom to its top picks list, saying the company is positioned to benefit from strong wireless baseband demand, and the stock rose 5.4% to $36.52 on Friday with volume reaching 23.4 million, more than twice the trailing three-month daily average churn of 9.7 million.
Even with that gain, the shares are still down about 20% so far in 2011, and the stock was last quoted in after-hours action at $34.65, down 5.1%, on volume of around 120,000, according to Nasdaq.com.
Most of Wall Street is bullish on Broadcom with 26 of the 42 analysts covering the stock at strong buy (12) or buy (14), and the median 12-month price target sitting at $45, implying potential upside of 22% from here.Broadcom shares were trading above $40 before the company's fiscal first-quarter report on April 26. Broadcom beat the average analysts' view for the March-ended quarter but gave a weak guidance.
Optimer PharmaceuticalsShares of Optimer Pharmaceuticals (OPTR) rose after Friday's closing bell as the company received approval from the Food and Drug Administration of its Dificid anti-bacterial drug for the treatment of clostridium difficile-associated diarrhea in adults 18 years of age and older. ""The incidence and severity of CDAD has increased dramatically in the U.S. in the past decade and is continuing to rise each year," said Sherwood Gorbach, the company's chief scientific officer, in a statement. "DIFICID is an important new first-line treatment option for patients who may be most at-risk of disease recurrence, for whom producing a sustained clinical response is critical." The stock was last quoted at $13.66, up 5.2%, on volume of 175,000, according to Nasdaq.com. That move followed a 7% drop in the regular session to $12.98 on volume of 5.9 million, more than eight times the issue's trailing three-month daily average of around 670,000. --Written by Michael Baron in New York.
>To contact the writer of this article, click here: Michael Baron. >To submit a news tip, send an email to: firstname.lastname@example.org
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV