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Broadcom (AVGO), Adobe (ADBE), Lululemon (LULU), Tesla (TSLA), NIO Stocks Plummet On Friday

On Friday, before its incorporation into the S&P 500, Tesla Inc (TSLA) declined -2.72 percent to $609.99. Broker Jefferies decreased its recommendation of ‘buy’ to ‘hold’, but increased its price target to $650 from $500 previously.

NIO Limited (NIO), the Chinese competitor of Tesla, also fell -7.16% to $41.98, giving way to Wall Street as well. The company reported a capital increase, as did Tesla earlier this week. This includes ADS (American Depositary Shares) of 60 million which will gather $2.7 billion for Nio.

Broadcom Inc (AVGO) lost -1.03% to $405.82 despite it met investor expectations and confirmed the appointment of a new CFO in the fiscal fourth quarter. Compared to $818 million a year earlier, net revenue for the quarter was $1.25 billion and $2.93 per share. Adjusted per-share EPS, compared to $5.39 a year ago, was $6.35. There was $6.47 billion in revenues up from $5.78 billion last year. Kirsten Spears is also taking over as head of finance.

Adobe Inc (ADBE) was down -0.20 percent to $475.91 on the day. For its fourth trimester, the U.S. tech group met investor expectations and increased its outlook. Compared to a forecast of $2.66 and $2.29 a year ago, earnings per share were $2.81 in Q4. There was $3.42 billion in revenues, up from $3 billion a year ago and a forecast of $3.36 billion. The company expects EPS of $11.2 per share and revenue of $15.15 billion for the year.

Lululemon Athletica Inc (LULU) also dropped -6.71% to $344.32 despite increasing its quarterly revenue and income forecast, including the positive effects of restrictive measure and the growth in home sports. The company posted gains of $144 million and $1.1 per share for the third quarter, compared to $126 million a year earlier. Adjusted EPS was $1.16 per share against a consensus of 88 cents. E-commerce sales rose 22 percent to $1.1 billion. Like-for-like growth was 19%.

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