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Broadcom Up in Preopen on Strong Earnings

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Communications chipmaker Broadcomundefined was up 4% in preopen Island trading. After the close Tuesday, it posted fourth-quarter earnings of 32 cents per share excluding items, ahead of the Street's 31-cent estimate and the year-ago 13 cents. The company said it expects first-quarter earnings of 33 cents per share and predicts revenue will rise 22% to 23% sequentially due to strong demand for its products. Credit Suisse First Boston raised its 2001 earnings outlook to $1.55 per share from $1.35 but cut its price target to $175 from $300.

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