I kind of agree with you on the buy-back. mrvl shouldn't buy back now because the company just fine for $1.17b. It is better to save money, especially during uncertainty of the fiscal cliff.
And now definitely is not a buy time, you don't want to catch a falling knife, and you want to wait til the fiscal cliff result to jump in. If we fall over the fiscal cliff, this stock probably goes to $5 in few days.
If you want to jump in ahead, just buy a call instead of jumping in the stock.