Apple is announcing a multiyear deal with Broadcom for 5G chips and other components. It was thought that Apple might develop its own chip, but that is not the case.
Broadcom shares are up sharply by 3.9%. Apple shares are trading down -0.54% in premarket trading.
The price of Broadcom moved to new all time highs on Friday and is gapping above those highs in pre-market trading today.
Broadcom shares trade to new all time highs
With 15 minutes to the opening bell, the major indice futures are implying a lower open to start the day:
- Dow industrial average is down -92 points
- S&P index is down 15 points
- NASDAQ index is down -56 point