Broadcom spikes 17% on reported buyout talks

Broadcom shares spiked more than 14% on Wednesday afternoon on a report by the Wall Street Journal that it is in talks to be bought by Avago.

Broadcom, a semiconductor company, has a market cap of $31.08 billion.

According to the Journal, the terms of the deal are not yet clear, and it's not certain whether an agreement will be finalized.

Avago shares spiked more than 7%. Also in the semiconductors industry, it has a market cap of $35 billion.

More to come ...