Marvell Technology (MRVL) got mixed reactions from analysts Friday after reporting mixed fiscal Q1 earnings and a weak outlook, but hopes ran higher over the fate of its mobile chip unit. Late Thursday, the chipmaker reported fiscal Q1 earnings per share excluding items of 13 cents, down 52% from the year-earlier quarter. Revenue fell 24% to $724 million. Analysts polled by Thomson Reuters had forecast EPS minus items of 10 cents a share and
JMP Securities upgraded Marvell Technology Group (MRVL) to market perform from market underperform on Wednesday, citing the chipmaker’s ability to tap the 4G LTE mobile market and Xbox sales in China. Marvell stock was up about 3% in early afternoon trading on the stock market today, near 13.80. JMP Securities analyst Alex Gauna told IBD Wednesday that three key factors prompted the upgrade. “First and foremost, JMP Securities is noticing that 4G
Mobile chipmaker Marvell Technology Group (MRVL) saw its stock rise Friday on better-than-expected fiscal second-quarter earnings and despite disappointing Q3 guidance. Marvell stock was up 1.7% to near 14 in afternoon trading on the stock market today. Marvell fell in after-hours trading Thursday after delivering its weak Q3 outlook, which was blamed on an unidentified Asian customer. The company, which makes flash-memory drives and chips used in