Shares are receiving a boost this afternoon following a fiscal 2016 first quarter earnings and revenue beat from rival Apple (AAPL) supplier Skyworks (SWKS). Skyworks's profit nearly doubled during the latest quarter.
Avago is a designer, developer and global supplier of a range of analog semiconductor devices. The company's headquarters are in Singapore and San Jose, CA.
After Apple's disappointing earnings, some of the component companies that follow the big company retreated sharply. Avago was one of them, but while it got hit with others, the company staged a strong comeback on Thursday.
Resistance is ahead at $128 and then $134, but that could be enough to turn the chart very bullish. Moving average convergence divergence (MACD) is turning up and will cross for a bull signal today.
Momentum is pushing higher, as RSI made a higher low. One step at a time, but I look for the two gaps ahead to be filled ($137 and $144).
Want more like this from Chris Versace and Bob Lang BEFORE your stock moves? Learn more about Trifecta Stocks now!
Separately, TheStreet Ratings Team rates the stock as a "buy" with a ratings score of A+.
Avago's strengths include its robust revenue growth, impressive record of earnings per share growth, compelling growth in net income, notable return on equity and good cash flow from operations.
You can view the full analysis from the report here: AVGO
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.