Shares of the semiconductor specialist climbed 6.14% to $38.80 before market open.
"AVGO reported a strong JulyQ guiding to a stronger OctQ despite multiple competitive and smartphone concerns," wrote Vijay Rakesh, an analyst at Sterne Agee, in a note released on Wednesday.
Sterne Agee raised its fourth-quarter Avago revenue estimate to $730 million from $692 million. The analyst firm, which has a 'buy' rating on Avago, also hiked its fourth-quarter earnings estimate to 84 cents a share from 78 cents a share.The Apple (AAPL - Get Report) component supplier is seen as a potential beneficiary of a new iPhone as rumors continue to swirl that Apple will launch a new phone next month. Facebook (FB - Get Report) was a more modest gainer, rising 0.76% to $39.94. The social network was one of the most active pre-market Nasdaq stocks, as nearly 700,000 shares traded hands. Tesla (TSLA - Get Report) climbed 1.46% to $169.45 on share volume of 158,255. Shares of cloud computing specialist Workday (WDAY - Get Report) rose 0.64% to $76.50, boosted by better-than-expected fiscal second-quarter results after market close on Tuesday. Apple, however, dipped 0.12% to $488. --Written by James Rogers in New York. Follow @jamesjrogers >Contact by Email.
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