Broadcom Inc. ‘s AVGO stock price soared 38% over two sessions — its strongest two-day rally since going public in 2009 . A blowout earnings report, bullish analyst updates, and promising artificial intelligence (AI) developments vaulted the semiconductor company into the elite trillion-dollar market-cap club. The impressive surge began on Friday, following Broadcom’s latest earnings announcement , with shares climbing 24.4% in a single day. The momentum continued into Monday, where the stock advanced another 11%, pushing Broadcom’s market cap from $850 billion to $1.17 trillion in just 48 hours. This achievement places the company alongside tech giants such as Apple Inc. AAPL , Microsoft Corp. MSFT , NVIDIA Corp. NVDA , Alphabet Inc. GOOG GOOGL , Amazon Inc. AMZN , Meta Platforms Inc . META , and Tesla Inc . TSLA . Earnings and AI Tailwinds Fuel Optimism Broadcom released earnings after the market closed last Thursday. Investors felt encouraged by the company's robust revenue growth due to surging demand for AI-related chips. The semiconductor manufacturer also revealed its ongoing collaboration with Apple to develop a custom AI chip, underscoring its expanding role in enabling next-generation AI technology. Adding to the bullish sentiment, Goldman Sachs analyst Toshiya Hari reiterated on Monday a "Buy" rating for Broadcom and raised the stock's 12-month price target from $190 to $240, labeling the company as a "key enabler of generative AI." Leveraged ETF Gains: Direxion AVL Nearly Doubles Broadcom’s stock surge also had a dramatic impact on the Direxion Daily Broadcom Bull 2X Shares ETF AVL , which offers leveraged exposure to the company's daily stock performance. In just two sessions, the ETF skyrocketed 84%, reflecting Broadcom’s remarkable gains. The leveraged ETF’s performance highlights the outsized potential returns — and risks — of these high-magnitude investment vehicles during periods of strong market momentum. Catch Up On Benzinga's Latest Broadcom Updates: Broadcom’s Options: A Look at What the Big Money is Thinking Broadcom, Tesla Propel Nasdaq 100 Gains, Bitcoin Hits $107,000, Fuels Crypto Stocks Rally: What’s Driving Markets Monday? Broadcom’s AI Chip Leadership Puts Pressure on Nvidia and Marvell, Analysts Say Apple’s 2025 Chip Transition Targets New Wireless Edge, Broadcom To Retain Key Role Image: Shutterstock © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Helping to drown out the noiseBOSTON — More suspected drone sightings in the eastern U.S. led to a temporary airspace shutdown at an Air Force base in Ohio and arrests near Boston’s Logan International Airport, as elected officials increased their push for action to identify and stop the unmanned flights. Drones flying around Wright-Patterson Air Force Base near Dayton, Ohio, forced base officials to close the airspace for about four hours late Friday into early Saturday, said Robert Purtiman, a base spokesperson. It is the first time drones have been spotted at the base, one of the largest in the world, and no sightings were reported since early Saturday, Purtiman said Monday. He would not say how many drones were flying in the area, adding that they ranged in size and that they did not impact any base facilities. In Boston, city police arrested two men accused of operating a drone “dangerously close” to Logan Airport on Saturday night. Authorities said an officer using drone monitoring technology detected the aircraft and the location of the operators. A third man who fled police remains at large. Authorities said the two men face trespassing charges. Get local news delivered to your inbox!US stocks rose Monday, with the Dow finishing at a fresh record as markets greeted Donald Trump's pick for treasury secretary, while oil prices retreated on hopes for a ceasefire between Israel and Hezbollah. The Dow climbed one percent to a second straight all-time closing high on news of the selection of hedge fund manager Scott Bessent to lead the critical economic policy position. A widely respected figure on Wall Street, Bessent is seen as being in favor of growth and deficit reduction policies and not known overly fond of trade tariffs. The market "breathed a sigh of relief" at Bessent's selection, said Art Hogan from B. Riley Wealth Management. But after an initial surge Monday, the gains in US equities moderated somewhat. While investors are enthusiastic about the possibility of tax cuts and regulatory relief under Trump, "we do have to face the potential for tariffs being a negative as well as a very tight market around immigration, which is not positive for the economy," Hogan said. Earlier, equity gains were limited in Europe as growth concerns returned to the fore with Germany's Thyssenkrupp announcing plans to cut or outsource 11,000 jobs in its languishing steel division. Currently around 27,000 people are employed in the steel division, which has been battered by high production costs and fierce competition from Asian rivals. Elsewhere, crude oil prices fell decisively as Israel's security cabinet prepared to decide whether to accept a ceasefire in its war with Hezbollah, an official said Monday. The United States, the European Union and the United Nations have all pushed in recent days for a truce in the long-running hostilities between Israel and Hezbollah, which flared into all-out war in late September. Speaking on condition of anonymity, an Israeli official told AFP the security cabinet "will decide on Tuesday evening on the ceasefire deal." And bitcoin's push toward $100,000 ran out of steam after coming within a whisker of the mark last week, on hopes that Trump would enact policies to bring the cryptocurrency more into the mainstream. Bitcoin was recently trading under $96,000, having set a record high of $99,728.34 Friday -- the digital currency has soared about 50 percent in value since Trump's election. This week's data includes a reading of consumer confidence and an update of personal consumption prices, a key inflation indicator. Those reporting earnings include Best Buy, Dell and Dick's Sporting Goods. Sign up to get our free daily email of the biggest stories! New York - Dow: UP 1.0 percent at 44,736.57 (close) New York - S&P 500: UP 0.3 percent at 5,987.37 (close) New York - Nasdaq: UP 0.3 percent at 19,054.84 (close) London - FTSE 100: UP 0.4 percent at 8,291.68 (close) Paris - CAC 40: FLAT at 7,257.47 (close) Frankfurt - DAX: UP 0.4 percent at 19,405.20 (close) Tokyo - Nikkei 225: UP 1.3 percent at 38,780.14 (close) Hong Kong - Hang Seng Index: DOWN 0.4 percent at 19,150.99 (close) Shanghai - Composite: DOWN 0.1 percent at 3,263.76 (close) Euro/dollar: UP at $1.0495 from $1.0418 on Friday Pound/dollar: UP at $1.2564 from $1.2530 Dollar/yen: DOWN at 154.23 yen from 154.78 yen Euro/pound: UP at 83.51 pence from 83.14 pence West Texas Intermediate: DOWN 3.2 percent at $68.94 per barrel Brent North Sea Crude: DOWN 2.9 percent at $73.01 per barrel bur-jmb/dw
TAMPA, Fla. (AP) — The Tampa Bay Buccaneers are determined to not get ahead of themselves. Sunday’s 30-7 rout of the New York Giants began a six-game, regular season-ending stretch in which the Bucs (5-6) will face five opponents that currently have losing records. The victory coming out of the team’s bye week stopped a four-game skid and moved the three-time defending NFC South champions within one game of first-place Atlanta in the division. The Falcons swept the season series, so the Bucs essentially trail the Falcons by two games with six remaining. They’re in a good position to chase their fifth consecutive playoff berth, but can hardly assume they’ll benefit from having an easy remaining schedule. “We’re hoping it builds confidence. We have belief that we’re still sitting and controlling our own destiny,” quarterback Baker Mayfield said of beating the Giants. “But it’s not just going to happen,” Mayfield added. “So, we have to take it one week at a time. And you find the recipe for success within your work week. ... You try to emulate that week after week and continue to build it.” The Los Angeles Chargers, who entered Monday night’s game against Baltimore at 7-3, are the only opponent remaining on Tampa Bay’s schedule that currently has a winning record. The Bucs will face division rival Carolina (3-8) twice in the next six weeks. They’ll also host Las Vegas (2-9) and New Orleans (4-7) and play the Chargers and Dallas Cowboys (4-7) on the road. “We can’t get comfortable,” rookie running back Bucky Irving said. “We just got to keep our foot on the gas and keep running.” What’s working The offense continues to put up big numbers, finishing with 450 yards against the Giants. It’s the fifth time Tampa Bay has gained more than 400 yards this season. The Bucs have now scored 30-plus points six times, second in the NFL behind Buffalo’s eight. What needs help There wasn’t a lot to fault in the team’s performance against the Giants, although coach Todd Bowles said both the offense and defense could have been done a better job closing out the game late. “For the most part we executed on both sides of the football,” Bowles said. “Still like to have finished the game a little better, but they came back (from the bye week) mentally tougher, and they came ready to play.” Stock up Irving averaged more than 7 yards per carry in rushing for 87 yards on 12 attempts. He also had six receptions for 64 yards, finishing with a season-high 151 yards from scrimmage. Stock down Just when it looked as if the defense was beginning to trend the right way health-wise, the Bucs lost safety Jordan Whitehead (pectoral) and linebacker Joe Tryon-Shoyinka (ankle) to injuries on Sunday. Injuries Bowles said Monday he was still awaiting an update on the severity of Whitehead’s injury. Tryon-Shoyinka has an ankle sprain. LT Tristan Wirfs (knee) sat out against the Giants and his status will be evaluated as the week progresses. Key number 11. With wide receiver Mike Evans back on the field after missing three games with a hamstring injury, Mayfield completed passes to 11 different players, tying a team record. “He obviously changed the game, even when he's not getting the ball,” Mayfield said. “It's huge that we have him in.” Next up At Carolina, the second of three consecutive games vs. last-place teams the Bucs will face during their stretch run. They’ll also host the Panthers on Dec. 29. “It’s an NFC South battle, and all of them are going to be hard. None of them are going to be easy,” Bowles said. “I think (coach) Dave (Canales) has done an excellent job taking on that team and it’s taking over his personality right now,” Bowles added. “They’re playing pretty good football. ... It’s going to be a tough battle.” AP NFL: https://apnews.com/hub/nfl
Industry Experts Agree Home Prices May Stabilize in 2025, but Affordability Still an IssueGoogle's northwest Omaha data center just recently started operations, though it is not finished, a company spokesman said Monday. It is among Nebraska's three data center project sites that over five years has seen nearly $4.4 billion in capital investment. This year's investment was reported to be $930 million, the company said at a media event. (Cindy Gonzalez/Nebraska Examiner) LINCOLN — Now five years since Google built a physical presence in Nebraska, the tech giant on Monday announced its latest annual spend on infrastructure across the state: $930 million. The 2024 capital investment makes for a total so far of about $4.4 billion in Nebraska data centers to help meet growing demand for Google Cloud, artificial intelligence innovations and services such as the company’s search, maps and workspace programs, said spokesman Dan Harbeke. Just within the past few months, he said, Google’s sprawling data center site in northwest Omaha became operational but is not finished growing. Its newest data center project in Lincoln remains under construction on roughly 580 acres. And the original Google campus in Nebraska, a Papillion project that broke ground on 275 acres in late 2019, has continued to expand in various ways. “We’re effectively continuing to build out those footprints,” said Harbeke, regional head of public policy and external affairs. “We are not announcing any new sites this year but we are announcing continued growth and expansion across all three sites here in Nebraska.” Also during a news event Monday, Google announced a different kind of investment — philanthropic donations to support workforce development. Such contributions are separate and in addition to construction improvements, Harbeke said. Google.org , for instance, granted $250,000 to the University of Nebraska Foundation to support AI research and education across its campuses. Earlier this month, Google’s philanthropic arm also provided Creighton University with a $250,000 grant to support the private university’s efforts to prepare students for expanded uses of artificial intelligence. Company officials on Monday also described a $100,000 donation to the Lincoln Public Schools Foundation’s Spark Summer Camp program, which targets elementary school students interested in Science, Technology, Engineering, Arts and Mathematics. NU President Jeffrey Gold said the university gift underscores the shared commitment to harnessing the power of AI to ensure Nebraska is on the cutting edge of research, teaching and use. “Our hope is that this investment in Nebraska will lead to opportunities for economic growth and innovation,” Gold said. Lincoln Mayor Leirion Gaylor Baird said investment in programs such as Spark underscores the Capital City’s “growing reputation” as a place for innovation and opportunity. “Google is helping to prepare Lincoln’s students and workforce for a rapidly evolving future,” she said. Google officials declined to provide detail on how the $930 million breaks down between data center sites. They also declined to disclose the number of employees per site but in a media statement said more than 120 jobs for Nebraskans have been created since 2019, in a variety of full time and external supplier roles, including computer technicians, engineers, maintenance and food service jobs. Harbeke said Google has started to see worker mobility and advancement within the state and the Omaha metro area, which includes the more established Council Bluffs plant. “We’re five years into our Nebraska footprint ... you’re seeing that movement among Googlers across these sites, which has been really neat to see,” Harbeke said. “One of the folks who is going to be leading our Lincoln campus worked out of our Papillion site.” U.S. Sen. Pete Ricketts, R-Neb., who joined Google officials Monday, said the Google technology investment gives the state a “competitive global advantage.” “These are the jobs of the future and they’re coming here to Nebraska,” he said. Rep. Don Bacon, R-Neb., called Google a driver for secure U.S. infrastructure. “The importance of innovation in national security and AI between the public and private sectors cannot be understated and we’re working on that right here in Nebraska,” he said. Karen Dahut, CEO of Google public sector, said the Google data centers are essential to delivering cutting-edge products to a wide range of organizations that include government and educational institutions as well as the individual consumer. The computer-filled hubs are the engines that power technology and make local and global connections happen 24-7, Google said in a report about data centers . They are where Gmail and YouTube videos live. They are what keep the internet up and running. “We are grateful for the partnership from leaders across Nebraska as we have grown within the state,” Dahut said. “I look forward to exploring more opportunities to bring the power of Google Cloud’s technology to support the important missions of the public sector.” SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX Originally published on nebraskaexaminer.com , part of the BLOX Digital Content Exchange . We're always interested in hearing about news in our community. 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Gotham has Batman, but New York wants Robin. Senate Majority Leader Chuck Schumer, D-N.Y., said this weekend that the Department of Homeland Security should send special drone-detection technology made by Robin Radar Systems to New York and New Jersey following a series of mysterious sightings. If the technology exists for a drone to make it up into the sky, there certainly is the technology that can track the craft with precision and determine what the heck is going on,” Schumer told reporters on Sunday. Schumer said he is requesting Robin’s equipment in part because it uses “not a linear line of sight, but 360-degree technology that has a much better chance of detecting these drones.” In recent years, the Netherlands-based Robin Radar Systems has risen in prominence, though its hardware is not only used to track down drones. Robin is part of a consortium developing small radar satellites that can measure water levels, according to the Netherlands Space Office. In February, the company also deployed four bird-detection radars to support the creation of what has been billed as the world’s most ecological wind farm in the Dutch part of the North Sea. Follow along for live coverage In early October 2023, Robin announced it had joined a group of organizations working on the development of the world’s most advanced weather radar , known as PHARA. The group’s mission is to “develop a fully 3D weather radar that can accurately track the movement and growth process of cloud particles and large-scale weather fronts.” “Detecting small objects is what we do, and it’s what we do best,” the company says on its website. “Bird, bat, or drone, our 360° radar systems log thousands of observations, scanning every second to track and classify with precision.” Robin’s systems have been used in at least one notable military context, too. In early August, the Dutch Ministry of Defense announced it had purchased 51 drone radars from the company and planned to donate them to Ukraine as President Volodymyr Zelenskyy’s forces attempt to fend off Russia’s aerial assault. In a news release announcing the purchase, Robin explained that “traditional radar systems are typically stationary, mounted on fixed platforms like buildings or tripods.” But the Robin-produced radar systems have “on-the-move” functionality, allowing them to “perform even when mounted on mobile objects, like vehicles or ships.” “Robin’s 3D drone detection radars ... are designed with the explicit purpose of detecting small, fast and elusive drones,” the company said. The deployment of Robin technology could come as a relief to residents in the New York and New Jersey areas who have been rattled by the bright, unidentified flying objects hovering above their homes almost every night for weeks. The objects have appeared in the sky since at least Nov. 18. It remains unclear who is operating the devices. The Pentagon has insisted the objects are not owned by the military. In an interview with NBC News on Monday, Robin Radar Systems general manager Kristian Brost said the company’s radars can detect a drone in the sky, but “we can’t tell you who’s flying it [or] what country it’s from.” Schumer’s request to Homeland Security came two days after New York Stewart International Airport was closed following multiple drone sightings nearby. The Democratic lawmaker told reporters it was “remarkable” that “we have more questions than answers” amid a growing number of mysterious sightings. “Some of the drones are small. Some of the drones’ flight patterns are erratic,” Schumer said. “Multiple drones flying together can confuse a traditional radar system, and that’s why, again, this new technology can really get us the answers that we need.” Schumer said he was working to pass a bill that would give local law enforcement “more tools for drone detection.” Currently, only federal agencies have the legal authority to scour for drones. The Democratic lawmaker’s office did not immediately respond to an email Monday requesting more information. New Jersey Gov. Phil Murphy, meanwhile, said on X late Sunday that he had met with state police officials and radar technicians who are “surveying the area for unmanned aircraft systems.” “The public deserves clear answers — we will keep pushing the federal government for more information and resources,” Murphy said. Tom Costello contributed. This article first appeared on NBCNews.com. Read more from NBC News here:
Empowered Funds LLC increased its holdings in Mercury General Co. ( NYSE:MCY – Free Report ) by 4.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,287 shares of the insurance provider’s stock after buying an additional 454 shares during the period. Empowered Funds LLC’s holdings in Mercury General were worth $648,000 as of its most recent filing with the Securities & Exchange Commission. Other hedge funds also recently bought and sold shares of the company. Allworth Financial LP raised its position in shares of Mercury General by 1,190.5% in the 3rd quarter. Allworth Financial LP now owns 542 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 500 shares in the last quarter. CWM LLC raised its holdings in Mercury General by 962.3% in the second quarter. CWM LLC now owns 563 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 510 shares in the last quarter. National Bank of Canada FI bought a new position in Mercury General in the second quarter worth about $32,000. Blue Trust Inc. lifted its position in shares of Mercury General by 8,262.5% during the second quarter. Blue Trust Inc. now owns 669 shares of the insurance provider’s stock valued at $35,000 after buying an additional 661 shares during the last quarter. Finally, FSC Wealth Advisors LLC bought a new stake in shares of Mercury General in the 2nd quarter valued at about $64,000. Hedge funds and other institutional investors own 42.39% of the company’s stock. Mercury General Trading Up 1.1 % NYSE MCY opened at $77.27 on Friday. Mercury General Co. has a 52 week low of $36.37 and a 52 week high of $77.48. The company has a 50 day moving average price of $67.27 and a 200 day moving average price of $60.80. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.31. The firm has a market cap of $4.28 billion, a PE ratio of 7.66 and a beta of 0.81. Mercury General Cuts Dividend The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 26th. Stockholders of record on Thursday, December 12th will be given a dividend of $0.317 per share. The ex-dividend date of this dividend is Thursday, December 12th. This represents a $1.27 dividend on an annualized basis and a dividend yield of 1.64%. Mercury General’s dividend payout ratio (DPR) is 12.59%. Mercury General Profile ( Free Report ) Mercury General Corporation, together with its subsidiaries, engages in writing personal automobile insurance in the United States. The company also writes homeowners, commercial automobile, commercial property, mechanical protection, and umbrella insurance products. Its automobile insurance products include collision, property damage, bodily injury, comprehensive, personal injury protection, underinsured and uninsured motorist, and other hazards; and homeowners insurance products comprise dwelling, liability, personal property, and other coverages. See Also Five stocks we like better than Mercury General Low PE Growth Stocks: Unlocking Investment Opportunities Vertiv’s Cool Tech Makes Its Stock Red-Hot Stock Market Holidays 2022-2025 – Here’s When the NYSE and NASDAQ Will be Closed MarketBeat Week in Review – 11/18 – 11/22 How to Capture the Benefits of Dividend Increases 2 Finance Stocks With Competitive Advantages You Can’t Ignore Receive News & Ratings for Mercury General Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Mercury General and related companies with MarketBeat.com's FREE daily email newsletter .
A former department store on one of Scotland's most famous shopping streets has been put on the market. A property developer that plans to turn the former Marks & Spencer store into student accommodation is looking to sell the asset. Fusion Group has appointed property firm JLL to sell the Sauchiehall Street site in Glasgow. The move comes after Fusion struck a deal with M&S to acquire the landmark building, having secured planning permission to construct a mixed-use development at the site. Fusion plans to develop 619 student beds and 9,500 square feet of new commercial space at street level via a new shopping arcade at the site, restoring a historic pedestrian route from Sauchiehall Street to Renfrew Street. Read Scott Wright's story here Scottish entrepreneur sells new company to major player Gavin Bell has sold his firm (Image: Yatter) A Scottish entrepreneur has sold the business he founded three years ago to a major brand partner. At the age of 30, Gavin Bell has sold his firm to an e-commerce specialist in a deal that makes it the only Shopify Plus partner agency in Scotland. Yatter, the Edinburgh-based paid advertising agency, has been acquired by Velstar, a company that has enjoyed consistent growth since starting out in 2021, currently managing over £10 million in annual client ad spend. A leading Scottish pay-per-click and paid social agency, Yatter has a portfolio of 60-plus clients including Loch Lomond Group and Countrywide, employing 12 people in the Scottish capital. Read Brian Donnelly's story here New Scottish electric vehicle player emerges The new vehicle has been launched (Image: Greenwheel Electric) A Scottish renewables developer has launched a division to provide “much-needed” new capacity in the electric vehicle charging market. Muirhall Energy has launched Greenwheel Electric, which is headed by managing director Jason McCall and has “ambitious plans” for a UK-wide roll-out of integrated charging hubs with 100%-renewable power. Greenwheel Electric already has 30 sites under “active consideration”. Muirhall Energy declared Mr McCall is a renewables sector specialist with more than 16 years of industry experience in large-scale infrastructure, development and investment. Read Ian McConnell's story here AROUND THE GREENS Playsport Golf looks to the future under new ownership The series continues this week (Image: Alan Paterson) This article appears as part of Kristy Dorsey's Around The Greens series. Playsport Golf in East Kilbride was opened in August 2009 by the late Sandy Jones, chief executive of the PGA, and professional golfer Colin Montgomerie, who at that time was captain of Europe's Ryder Cup team. The wider Playsport complex was a project headed by Kilmartin Property Group which aimed to bring together various sports-based operators into a single leisure destination. The financial crisis put the brakes on these ambitions, though operators such as Playsport Golf, American Golf and Fives Football continued to trade there. The Playsport complex was purchased in 2022 by SART Investments, the investment vehicle owned by Steve Timoney and his wife Alison.