Broadcom just suffered its biggest drop since June, but still ended a roller-coaster week up

Key Points
  • Broadcom stock had a roller-coaster week, including a report that Intel might be interested in buying it, the formal end of its bid for Qualcomm, and earnings.
  • The end result: a slight gain, despite a 5 percent drop on Friday.
Hock Tan, CEO of Broadcom
Lucas Jackson | Reuters

Shares of Broadcom suffered the stock's biggest loss in 9 months on Friday, shedding nearly 5 percent.

But the stock still ended a roller-coaster week up — gaining less than half a percent over the five days of trading — bolstered by weekend acquisition rumors.

Broadcom ended last week with its hopes still alive for its hostile takeover of mobile chip giant Qualcomm, despite an unusual review by the U.S. Treasury's Committee on Foreign Investment in the United States. On Friday night, The Wall Street Journal reported that Intel might make a run at Broadcom to battle the Qualcomm deal.

Broadcom opened the week up 3 percent on that report and spiked as much as 4 percent Tuesday. (Intel CEO Brian Krzanich later bucked takeover rumors in an interview with CNBC's Jim Cramer.)

Then, on Tuesday, President Donald Trump ordered the immediate and permanent end of merger talks. On Wednesday, Broadcom called off its bid, and the stock shed as much as 2 percent Wednesday following the announcement.

On Thursday evening, Broadcom announced first-quarter earnings that beat estimates, but shares opened nearly 2 percent down Friday and finished the day down almost 5 percent.

The stock is up nearly 15 percent in the last 12 months.

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