Broadcom Corp., a maker of communications chips used by Apple Inc. and Samsung Electronics Co., reported fourth-quarter revenue and profit that topped estimates, buoyed by sales of chips for phone networks.
U.S. stocks fell a second day, following the biggest annual rally for the Standard & Poor’s 500 Index in 16 years, as investors weighed comments from Federal Reserve officials on stimulus and the economy’s strength.
The Philadelphia Semiconductor Index has understated the chip industry’s gains this year because of a record number of changes in the benchmark and the inclusion of LED and solar stocks, Gleacher & Co.’s Doug Freedman said.
Intel Corp., seeking a replacement for departing Chief Executive Officer Paul Otellini, needs a candidate with credentials internal contenders lack: a record of success in the market for mobile-device semiconductors.
Intel Corp. Chief Executive Officer Paul Otellini will retire in May, in a surprise move three years before mandatory retirement, after failing to equip the world’s largest semiconductor maker for a shift toward mobile devices and away from the personal computers it long dominated.