Broadcom Inc. stock suffered its worst one-day performance ever Thursday, as investors and analysts appeared confused about a self-proclaimed leading infrastructure-technology company agreeing to pay a premium for a legacy mainframe software company.
That confusion took the form of Broadcom AVGO, +0.39% stock falling 13.8% to close at $209.94, after hitting an intraday low of $197.46. Previously, the stock’s worst day was on Oct. 10, 2014, when shares finished down 11.5%. More than 43 million shares changed hands by the close, for the stock’s second-most heavily traded day ever, compared with the stock’s 52-week average daily volume of 3.3 million.