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Whats up with Marvell?
- Thread starter eagle488
- Start date
Quote from eagle488:
I dont understand it. SOXX Index was up today, yet Marvell was the only component that was down.
I was thinking maybe it involved options expiration from Friday. Any thoughts?
Im suprised the stock bounced back the way it did after earnings. The night they announced earnings it fell to $15.50, then out of no where within 2 weeks it was back above $17.00. Only reason why is because the markets have been up every single day. I wouldnt complain about MRVL being down, im suprised its still trading where it is.
They didnt announce earnings. The announcement that caused the huge fall was the following:
Marvell Technology Group (nasdaq: MRVL - news - people ) shares lost 12% Tuesday after the company said demand for its chips would decline in the third quarter and administrative expenses would rise.
The company blamed lower demand from its hard disk drive customers. It said the personal computer sector is weak and inventory has increased.
Marvell Technology's stock closed Tuesday at $16.80, down $2.29, or 12%.
The 52-week range for Marvell's stock is $16.70 to $36.83.
Marvell Technology Group said it expected a significant increase in administrative expenses in the third quarter of fiscal 2007 due to higher costs related to a previously announced internal review of stock option practices and related accounting matters.
Sehat Sutardja, Marvell's president and chief executive officer, said he expected the sales downturn to be a "short-term event."
"We remain focused on continuing to aggressively invest in our business and to expand the reach of our technology into a growing number of high volume targets," he said in a prepared statement.
Marvell Technology is a fabless semiconductor company. It provides digital and mixed-signal integrated circuits for data storage and broadband communications. The company's products include chips that convert analog data from a magnetic disk into digital form for computing, preamplifiers, and Ethernet switch controllers and transceivers.
Semiconductor stocks were mixed. Intel (nasdaq: INTC - news - people ) closed up 13 cents to $20.57; Freescale Semiconductor (nyse: FSL - news - people ) rose 37 cents to $38.17; Agere Systems (nyse: AGRA - news - people ) rose 10 cents to $15.15 and Qualcomm (nasdaq: QCOM - news - people ) rose 74 cents to $35.40, but Texas Instruments (nyse: TXN - news - people ) was down 71 cents to $32.25 and STMicroelecronics slipped 8 cents to $17.12.
Marvell Technology Group (nasdaq: MRVL - news - people ) shares lost 12% Tuesday after the company said demand for its chips would decline in the third quarter and administrative expenses would rise.
The company blamed lower demand from its hard disk drive customers. It said the personal computer sector is weak and inventory has increased.
Marvell Technology's stock closed Tuesday at $16.80, down $2.29, or 12%.
The 52-week range for Marvell's stock is $16.70 to $36.83.
Marvell Technology Group said it expected a significant increase in administrative expenses in the third quarter of fiscal 2007 due to higher costs related to a previously announced internal review of stock option practices and related accounting matters.
Sehat Sutardja, Marvell's president and chief executive officer, said he expected the sales downturn to be a "short-term event."
"We remain focused on continuing to aggressively invest in our business and to expand the reach of our technology into a growing number of high volume targets," he said in a prepared statement.
Marvell Technology is a fabless semiconductor company. It provides digital and mixed-signal integrated circuits for data storage and broadband communications. The company's products include chips that convert analog data from a magnetic disk into digital form for computing, preamplifiers, and Ethernet switch controllers and transceivers.
Semiconductor stocks were mixed. Intel (nasdaq: INTC - news - people ) closed up 13 cents to $20.57; Freescale Semiconductor (nyse: FSL - news - people ) rose 37 cents to $38.17; Agere Systems (nyse: AGRA - news - people ) rose 10 cents to $15.15 and Qualcomm (nasdaq: QCOM - news - people ) rose 74 cents to $35.40, but Texas Instruments (nyse: TXN - news - people ) was down 71 cents to $32.25 and STMicroelecronics slipped 8 cents to $17.12.