Broadcom Surges to $1,515 on Blowout Earnings, Drives Nasdaq-100 to New Highs

Broadcom Inc. ($AVGO) has experienced a significant surge in its stock price, reaching $1,515 in pre-market trading on June 12, 2024. The stock, which was at $1,470 in after-hours trading on June 11, continued its upward trajectory, hitting $1,530 and showing potential to reach $1,580 following a blowout earnings report. The company reported after the close, with an expected move of 91 points. This earnings report has also driven the Nasdaq-100 Index ($QQQ) to fresh all-time highs near 477. Traders have been actively engaging with the stock, booking spreads and reassessing positions as the stock price continues to rise, with some spreads reaching up to $1,600 and a notable move of +180.