BALTIMORE (Stockpickr) -- Broadcom (BRCM) shareholders are giving back a little bit this morning, following confirmation of yesterday's rumors that the semiconductor stock was in talks to be acquired by Avago Technologies (AVGO).
Broadcom rallied almost 22% over the course of Wednesday's session as a result of the reported deal nearing a close. Shares are correcting 3.7% as of this writing, following news that AVGO will ultimately pay $54.50 per share in cash, making the acquisition the biggest in tech history.
BRCM has been in an uptrend since last fall, but the breakout yesterday changes shares' trajectory pretty significantly. At this point, the merger premium is negative, and the "easy money" has already been made here. Traders who missed it should move on.