Broadcom, Supermicro, RH, and More

• Major U.S. indexes were slightly lower at midday Friday as markets pulled back from the post-election rally that sent them into record territory.

• Super Micro Computer shares tumbled amid concerns the stock could be removed from the Nasdaq 100 Index.

• Broadcom shares soared after the chipmaker’s earnings and outlooked topped estimates.

Major U.S. indexes were slightly lower at midday Friday as the markets took a break from their record-setting performance following the presidential election last month. The Dow, S&P 500, and Nasdaq all lost ground.

Super Micro Computer (SMCI) shares tumbled amid concerns the computer server maker’s stock could be knocked off the Nasdaq 100 Index.

Shares of Charles Schwab (SCHW) also fell as the discount brokerage and asset manager reported its sweep cash in November was flat from the month before.

EVgo (EVGO) shares took off after the federal government granted the electric vehicle charging station network $1.25 billion in loan guarantees.

Broadcom (AVGO) was the best-performing stock in the S&P 500, with shares hitting an all-time high after the chipmaker posted better-than-expected results and projected strong demand for its artificial intelligence (AI) products.

Shares of Penn Entertainment (PENN) gained as the casino operator got an upgrade and price target hike from JPMorgan, anticipating growth as its investments begin to pay off.

RH (RH) shares soared after the home furnishings retailer boosted its full-year outlook and swung to a profit, despite a weak housing market.

Oil futures rose and gold prices dropped. The yield on the 10-year Treasury note advanced. The U.S. dollar was up on the pound and yen, but lost ground to the euro. Most major cryptocurrencies traded lower.

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