|Day's Range||8.05 - 8.05|
Marvell, which couldn’t be reached for comment Monday afternoon, offered the settlement without admitting or denying the findings by the Securities and Exchange Commission.
Marvell Technology Group Ltd. will pay $5.5 million to settle charges that it misled investors by engaging in an undisclosed revenue management scheme, the Securities and Exchange Commission said. The chip maker's company's stock slid 1.3% in afternoon trading, while the PHLX Semiconductor Index lost 0.5% and the S&P 500 gave up 0.3%. The SEC said Marvell had "orchestrated a scheme" to accelerate, or 'pull in' sales to the current quarter that had been scheduled for future quarters. The SEC indicated the purpose of pulling in revenue was to "close the gap" between actual results and analyst expectations. Marvell consented to the SEC's order, without admitting or denying the allegations, and agreed to cease and desist from further violations.
EVP, Storage Business Group of Marvell Technology Group (30-Year Financial, Insider Trades) Dan Christman (insider trades) sold 64,856 shares of MRVL on 09/09/2019 at an average price of $24.97 a share. Continue reading...
COO of Marvell Technology Group (30-Year Financial, Insider Trades) Andrew Micallef (insider trades) sold 40,000 shares of MRVL on 09/04/2019 at an average price of $24 a share. Continue reading...
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The recent earnings season has peaked, but there are still some interesting reports coming out. Last week, the tech industry brought us two such pieces, as Dell and Marvell, a computer company and a semiconductor maker, reported their Q2 results. The reports prompted a wave of analyst attention for each company; we’ll take a look at what happened, and what the analysts have to say about both companies’ prospects. Marvell Technology Group, Ltd. (MRVL)Of the two, Marvell’s earnings report was more in line with expectations. The company, like many of its peers in the semiconductor industry, has been feeling pressure from the US-China trade tensions, and management acknowledged that by reducing forward sales guidance for Q3 report later this year. A look at the numbers, however, shows that Marvell is maintaining a solid position despite its China exposure.EPS for Q2 came in at 16 cents per share, 6.6% above the estimate of 15 cents. It was the third time in the past three quarters that Marvell had beaten the forecast on EPS. The quarterly revenue of $656.57 million was 1.5% higher than the forecast $646.87 million, and marked the fourth straight quarter of revenue beats for Marvell.Looking at Marvell after the earnings report, Merrill Lynch’s Vivek Arya acknowledges the sales pressure that the company is feeling due to the trade issues, but believes the company’s position in the rising 5G market will sustain profitability. He writes, “[5G] is likely a more realistic multi-year run-rate target, and could have upside (Samsung share gains, Nokia content expansion, plus new content/customer from Avera acquisition).” Arya adds that future growth predictions are “justified by the 30%+ EPS growth trajectory driven by 5G over the next few years.” His price target of $28 suggests an upside potential of 16% for MRVL.Writing from Barclays, Blayne Curtis agrees that Marvell’s future is firmly in the new wireless technology: “5G is very much on track and even ahead of schedule with shipments to Samsung in Q3 and that Samsung is even committed to its next gen. chip… we still see this as a $1b+ opportunity.” Curtis sets a $30 price target on MRVL, implying a 25% upside potential.Marvell’s consensus rating is a Strong Buy, based on 15 buys and 3 holds. Shares are selling for $23.97, and the average price target of $27.71 indicates analyst confidence in a 15% upside to the stock. Dell Technologies, Inc. (DELL)Dell showed a stronger performance in Q2. To put it simply, the company clobbered the forecasts. Reported revenues of $23.37 billion were 1.12% higher than the forecast $23.11 billion – and 1.8% higher than the year-ago quarter. These positive results were complemented by the EPS, which came in with a whopping 47% positive surprise, as $2.15 per share was way ahead of the $1.46 expected. Like Marvell, Dell has a recent history of earnings beats; it’s beaten revenue forecasts four quarters in a row, and EPS twice in the last year.DELL shares responded to the blockbuster quarterly with a 10% gain in the August 30 trading session.Amit Daryanani, 5-star analyst with Evercore ISI, was duly impressed by the earnings – he even titled his research note on the subject, “If There is an IT Slowdown, Michael [Michael Dell, CEO – ed.] Didn’t Get the Memo.”In that note, Daryanani wrote, “DELL reported an impressive Jul-qtr especially in the context of their peers broadly missing and lowering expectations… [We see] upside driven by strong trends in PC centric markets coupled with sizable margin expansion across both their client and infrastructure segments.” His price target, $63, reflects his optimism and indicates a potential 22% upside.Wells Fargo analyst Aaron Rakers was also impressed by DELL’s performance. He described the Q2 results as “strong,” and pointed out that the company has a positive cash flow and has been reducing core debt. He particularly noted increases to the company’s FY20 guidance. Rakers’s price target of $68 implies an upside of 31% for DELL.DELL holds a Moderate Buy from the analyst consensus, derived from 6 buy and 4 hold ratings given the stock in the past three months. The average price target of $61 suggests and upside potential of 20% from the current share price of $51.After their earnings reports, DELL and MRVL are analyst favorites. Find out what other stocks are trending with Wall Street’s stock watchers in TipRanks Daily Analyst Ratings tool.
Bulls wouldn't go down without a fight, but they weren't strong enough to keep the markets elevated heading into the long holiday weekend. Here are our top stock trades after a busy Friday. Top Stock Trades for Tomorrow 1: Campbell SoupCould the setup "be" any more perfect in Campbell Soup (NYSE:CPB) for earnings?InvestorPlace - Stock Market News, Stock Advice & Trading TipsOkay, so moving on from our very touching Friends tribute as it approaches its 25-year anniversary in a few weeks, the setup really was perfect in CPB.Shares were forming a tight ascending triangle, a bullish technical pattern where rising uptrend support squeezes the stock against a static level of resistance. That resistance was in play around $42.50. * 7 Stocks to Buy Down 10% in the Past Week CPB exploded over that level on Friday, racing up to $48 where it hit stiff, multi-year resistance.I would love to see the stock maintain above the 200-week moving average now and build on its recent momentum in the holiday-shortened trading week to start September. If it can, look to see if we get another run up to $48. On a retreat, see that $42.50 holds as support, as well as the 10-week moving average. Top Stock Trades for Tomorrow 2: AmbarellaAmbarella (NASDAQ:AMBA) is also putting together a strong rally on Friday, up almost 20% on the day. The move vaults shares over $50 resistance and the 200-day moving average at $48.80.Bulls now must see these two levels hold as support. Further, the stock now has room to rally up to $65, another 15% above current levels. Top Stock Trades for Tomorrow 3: Marvel TechnologyFirst it was up, then it was down, then Marvel Technology (NASDAQ:MRVL) was near flat going into Friday's close.The stock was rejected by the 20-day and 50-day moving averages, as well as downtrend resistance (blue line). Investors now need to see $23 hold as support. If it holds, a retest of resistance is in the cards.If it fails, the May lows at $21.25 may be on the table. Further, the 200-day is down at $21 and rising, while the 50% retracement is near $21 as well. Over $25 and MRVL can gain upside momentum. Top Stock Trades for Tomorrow 4: Dell TechnologiesDell Technologies (NYSE:DELL) is jumping almost 10% on the day, but is now ping-ponging between a few key levels.The good news: Dell stock is back over the 20-day moving average and the key $50 level. It's also out of that nasty downtrend channel (blue lines).The bad news: The 50-day moving average and the 61.8% retracement both rejected Dell stock, sending shares lower.Bulls now needs to maintain above $50 and the 20-day moving average. If they can, it will increase the odds of taking out Friday's high, and thus the 50-day moving average and 61.8% retracement. From there, it puts $58 back on the table.Bears need to crack $50 and the 20-day, putting $46 back on the table. Top Stock Trades for Tomorrow 5: Big LotsLike Dell, Big Lots (NYSE:BIG) is bouncing between a few key levels on the charts. Unlike Dell though, BIG is not ending the day on a high note. Shares are up more than 2% and above $22.50, but are well off session highs at $25.74.Shares were promptly rejected from the key $25.50 to $26 area, as well as the 50-day moving average.While up on the day, the action was not very encouraging. If it can maintain above the 20-day moving average and downtrend resistance (blue line), bulls still have a case to make. * The 8 Worst Stocks to Buy Before the Trade Turmoil Cools Off However, I'd much rather wait to see BIG over the 50-day moving average, putting $26 back on the table. Below the 20-day and $20 is on the table.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * The 8 Worst Stocks to Buy Before the Trade Turmoil Cools Off * 7 'Strong Buy' Stocks to Beat Volatility * 7 Mega-Cap Tech Stocks on a Rebound Now The post 5 Top Stock Trades for Tuesday: CPB, AMBA, MRVL, BIG appeared first on InvestorPlace.
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Marvell stock lost more than 6.8% in after-hours trading on Thursday. The company posted upbeat results for the second quarter of fiscal 2020.
Marvell isn't a quarter-to-quarter story and analysts are advising investors to treat it with longer-term targets in mind.
Marvell Technology Group shares fell fast in pre-market trading after a solid earnings report was eroded by guidance figures that suggest the semiconductor company's cyclical recovery is taking slightly longer than expected due to trade war impacts. "During the second quarter of fiscal 2020 Marvell delivered solid results with revenue above the midpoint of guidance despite the challenging macroeconomic environment creating weakness across severe end markets and the impact from the current export restrictions on Huawei," CEO Matt Murphy said. "In our third quarter we face a worsening macro environment along with the ongoing impact from the current restrictions on shipments to Huawei, offset by a stabilizing storage business and the earlier than expected first production shipments of our 5G solutions," Murphy said.
Semiconductor manufacturer Marvell Technology is the 'Stock of the Day' Friday at Real Money. In this daily bar chart of MRVL, below, we can see that prices peaked in late July and quickly declined towards $23. The trading volume has been declining since April and the On-Balance-Volume (OBV) line peaked with prices in late July.
Marvell (MRVL) delivered earnings and revenue surprises of 6.67% and 1.05%, respectively, for the quarter ended July 2019. Do the numbers hold clues to what lies ahead for the stock?
Marvell Technology Group Ltd forecast third-quarter revenue below Wall Street estimates on Thursday, as a ban on selling components to Chinese telecommunications giant Huawei Technologies Co Ltd, hurt the U.S. chipmaker. Marvell expects current-quarter revenue of $660 million, plus or minus 3%, below analysts' estimates of $697.58 million, according to IBES data from Refinitiv.
Chipmaker Marvell Technology Group late Thursday beat Wall Street's targets for its fiscal second quarter. But the Marvell earnings report pushed MRVL stock lower in extended trading.
Marvell Technology Group Ltd. shares sunk 5% in the extended session Thursday after the chip maker reported second-quarter results that exceeded Wall Street estimates but offered weak Q3 guidance because of the U.S. government's export restriction on Huawei Technologies Co. Ltd. Marvell reported adjusted earnings of 16 cents a share. Revenue was $656.6 million. Analysts surveyed by FactSet had expected earnings of 15 cents a share on revenue of $650 million. Marvell shares are up 50% this year. The S&P 500 index has gained 17% this year.
SANTA CLARA, Calif. , Aug. 29, 2019 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ:MRVL) today announced that Dean Jarnac is being promoted to Senior Vice President of Worldwide Sales. In this ...
"We remain in a very challenging macroeconomic environment, which has certainly worsened recently and has impacted our guidance for the third quarter," Chief Executive Officer Matthew Murphy said on a conference call with analysts. Murphy highlighted challenges to business from Huawei and certain large customers, noting that the switch to 5G cellular communications from 4G had cut demand for chips. Marvell said it stopped shipments to Huawei, one of its key customers, in the first quarter, following the U.S. ban on the phone maker.
- Q2 Revenue: $657 million - Q2 Gross Margin: 53.4% GAAP gross margin; 63.3% non-GAAP gross margin - Q2 Diluted income (loss) per share: $(0.09) GAAP diluted loss per share; $0.16 non-GAAP diluted income ...
Reduce holdings on Marvell Technology, given warnings from daily and weekly charts. The stock is below its 50-day simple moving average at $24.95 and its weekly chart is negative.