Broadcom Inc. shares closed sharply lower Monday in the final minutes of trading following a report that Apple Inc. was working on its own WiFi and Bluetooth chips, which would make Broadcom’s unnecessary in iPhones and other Apple mobile devices.
Broadcom AVGO,
Toward the end of the trading day, Bloomberg News reported that Apple AAPL,
Broadcom shares slipped an additional 0.8% after hours. Back in December, Broadcom’s “excellent backlog management” earned it praise from Wall Street, following an earnings report in which Broadcom CEO Hock Tan refused to provide a full-year outlook as the company scrubbed its backlog.
In comparison, the S&P 500 Index SPX,
