MRVL is brushing off a fourth-quarter earnings and revenue beat
Semiconductor giant Marvell Technology Inc (NASDAQ:MRVL) shared better-than-expected fourth-quarter earnings and revenue earlier, but also issued a lackluster fiscal first-quarter guidance. Below, let's dig into the implications of this update on both the equity and its sector peers, Texas Instruments Inc (NASDAQ:TXN) and Micron Technology Inc (NASDAQ:MU).
MRVL Attracts Bear Notes
MRVL is up 17.8% at $74.11 at last glance, looking to extend its 33.8% year-to-date deficit with its biggest single-day percentage loss since January. Shares are trading at their lowest level since October as they break below the 200-day moving average, with several analysts chiming in with bear notes. No fewer than 11 firms slashed their price objectives, including Morgan Stanley to $90 from $113.
TXN Pacing for Weekly Drop
Last seen down 3.5% to trade at $188.76, TXN is well on its way to a weekly loss. The stock still sports a 10.6% year-over-year lead as it extends a pullback from a February peak above $205 -- their highest mark since November. Shares are today testing their 20-day moving average, which emerged as a
support level last month.
MU Eyes 3rd-Straight Loss
MU is down 4.6% to trade at $90 at last check, pacing for its third-straight weekly loss. The security carries a 30.7% nine-month deficit, but a floor at the $87.50 level that contained several pullbacks so far this year, lingers below.