Irvine Tech Stocks Climb After Analysts Turn Positive

Irvine-based Ingram Micro shares climbed more than 4% on Tuesday to close at $27.35. The move lifted the company's market capitalization to $6.3 billion. The stock gain followed a recommendation from Zacks Equity Research. The research firm listed Ingram Micro among the best growth stocks to buy on Nov. 10.

Broadcom Inc., which maintains significant operations in Irvine, also posted strong gains. The semiconductor stock rose approximately 8% to reach $318 per share. This price point values the company at $1.5 trillion. The increase came as semiconductor shares recovered from a selloff that occurred the previous week.

Broadcom announced that its VMware division contributed an open-source project to the market. The project is designed to help businesses manage virtual machines across different cloud platforms. The company stated that the tool supports AI applications. Broadcom is scheduled to report fourth-quarter earnings on Dec. 9.

Not all Irvine technology stocks moved in the same direction. Viant Technology, a digital ad software company, fell 21% to $11.01 per share. The decline reduced its market cap to $732 million. The drop occurred after the company announced third-quarter earnings that fell below analyst estimates on Nov. 9.

Santa Ana-based TTM Technologies Inc. extended its rebound on Tuesday. The printed circuit board maker's shares rose about 10% to $72.73 per share. The company's market capitalization reached $7.7 billion. This gain followed a sharp post-earnings selloff last week.

TTM Technologies reported record third-quarter revenue of $1.2 billion, a 60% increase. The company also completed a $100 million share repurchase program. It authorized another $100 million in buybacks, which could boost earnings per share by reducing outstanding shares.

Rocket Lab Corp. rose 12% to $59.47 per share on Tuesday. The Long Beach-based aerospace firm saw its market cap reach $38 billion. Investors anticipated strong third-quarter earnings following the market close. Analysts expect third-quarter revenue to climb about 66% to $257 million.

LoanDepot Inc. shares dropped 14% to 55 cents per share. The Irvine-based mortgage lender's market cap fell to $241 million. The company reported a widening third-quarter net loss of $29 million on Monday, compared with $7 million in the prior quarter. Revenue declined 9% to $307 million as mortgage origination volume dropped 12%.