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BUSINESS
November 30, 2000 | From Dow Jones Newswires
Broadcom Corp.'s battered stock rebounded a bit Wednesday after a brokerage upgraded its rating of the Irvine chip maker's shares. Morgan Stanley Dean Witter raised its rating to strong buy from outperform, citing the stock's recent sharp sell-off and praising its latest acquisition. Analyst Mark Edelstone described Broadcom as one of the best-positioned semiconductor companies. The stock climbed nearly 12%, or $9.
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BUSINESS
November 30, 2000 | From Dow Jones Newswires
Broadcom Corp.'s battered stock rebounded a bit Wednesday after a brokerage upgraded its rating of the Irvine chip maker's shares. Morgan Stanley Dean Witter raised its rating to strong buy from outperform, citing the stock's recent sharp sell-off and praising its latest acquisition. Analyst Mark Edelstone described Broadcom as one of the best-positioned semiconductor companies. The stock climbed nearly 12%, or $9.
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BUSINESS
November 29, 2000 | KAREN ALEXANDER and ROBIN FIELDS, TIMES STAFF WRITERS
Broadcom Corp. said Tuesday that it will acquire an Israeli company that makes chips for digital video recording. But the news of the $677-million stock deal--the Irvine company's 12th purchase of the year--did not halt its precipitous fall on Wall Street and raised questions among analysts about the company's ability to sustain its aggressive expansion. Broadcom's stock tumbled another $12.50 Tuesday to close at a 52-week low of $85.06.
BUSINESS
March 21, 2001 | KAREN ALEXANDER, TIMES STAFF WRITER
Broadcom Corp., under scrutiny for certain financial reporting practices, said it is changing the way it will account for at least one of its purchases last year, and also may revise financial results for the first nine months of 2000. In five of 12 acquisitions last year, the Irvine chip maker had arranged for warrants--or rights to stock--to be issued to customers of the companies it was buying to lock in future sales.
BUSINESS
April 6, 2001 | KAREN ALEXANDER
Speaking of Broadcom, the company was among the top investors in a $40-million first round of financing for Argoquest Holdings LLC. The private U.S. holding company funds and helps manage a network of more than 60 Israeli-based technology companies. Other investors include HSBC Holdings plc, the international banking and financial services group, and Shamrock Holdings of California Inc. Broadcom would not disclose how much it had invested in the fund.
BUSINESS
March 22, 2001 | From Times Staff and Wire Services
The decision to change its unusual and much-criticized method of accounting for some of its acquisitions led Broadcom Corp. on Wednesday to reduce its previously reported fourth-quarter sales by 10%. The Irvine communications chip maker cut about $38.6 million from its quarterly revenue to account for costs associated with customer agreements reached by three companies it acquired during the final three months. The reduction from its original $378.8 million lowered sales for the year by 3.4%.
BUSINESS
February 9, 2000
These companies and/or individuals recently filed for liquidation (Chapter 7) or reorganization (Chapter 11 or 13) in federal Bankruptcy Court in Santa Ana. Petitioner: Jonathan Choi Location: Fullerton Listed business affiliation: fdba L.A. Mortgage Co. Type of business: Financial services Filing: Chapter 7 Assets: $10,915 Liabilities: $60,023 Case number: 10735 RA Petition signed by: Jonathan Choi Date filed: 1-28-00 Petitioner: Public Access Communications Inc.
BUSINESS
February 28, 2001 | KAREN ALEXANDER, TIMES STAFF WRITER
For nearly two years, Irvine chip maker Broadcom Corp. dazzled Wall Street analysts with its explosive growth and voracious appetite for strategic acquisitions. But now, some of the company's admirers are questioning whether Broadcom's financial reporting practices on five acquisitions might have understated the real cost to the company. In what analysts say is an unusual arrangement, Broadcom encouraged five companies it was acquiring to issue warrants--rights to stock--in their companies.
BUSINESS
January 9, 2001 | KAREN ALEXANDER, TIMES STAFF WRITER
Despite the sharp fall in its stock price, Broadcom Corp. continued its buying spree Monday by stating that it would acquire--for stock worth more than $1 billion--a Santa Clara company that develops chips for computer-network servers and storage systems. Marking its first purchase of a profitable, established company, the Irvine semiconductor maker said it will issue 11 million shares--the most for any of its numerous acquisitions so far--to buy ServerWorks Corp.
BUSINESS
April 19, 2001 | KAREN ALEXANDER, TIMES STAFF WRITER
Rapidly falling sales at Broadcom Corp. prompted the high-speed communications chip maker Wednesday to say that it will make "material" cuts in its work force and post a loss for the second quarter. The unspecified number of job cuts, the first since the Irvine company went public three years ago, comes as lower demand has stalled its rapid growth and sent its stock price reeling from last year's dizzying heights.
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