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US: Stocks open lower as Avago buys Broadcom
[NEW YORK] US stocks opened lower on Thursday as Avago Technologies announced a US$37 billion deal to acquire fellow chipmaker Broadcom.
Five minutes into trade, the Dow Jones Industrial Average was at 18,100.99, down 62.00 points (0.34 per cent).
The broad-based S&P 500 dipped 2.86 (0.13 per cent) to 2,120.62, while the tech-rich Nasdaq Composite Index dropped 4.29 (0.08 per cent) to 5,102.31, retreating from Wednesday's record.
Trade has been volatile this week with strong gains Wednesday essentially reversing sharp losses in the prior session.
The combination of Avago and Broadcom will have a market value of US$77 billion and revenue of US$15 billion and create a leader in the surging market for mobile devices like smartphones and tablets.