Marvell Technology (NASDAQ:MRVL) said it now expects its third-quarter revenue will be down about 10% from its second-quarter revenue of $574 million. The anticipated decline is largely due to lower-than-expected demand from a number of the company's hard disk drive customers. Marvell Tech designs chips used in data storage equipment and consumer electronic devices
DesktopStandard, a developer of group policy-based enterprise desktop management products, has been acquired by Microsoft (NASDAQ:MSFT). DesktopStandard will continue to operate as a subsidiary of Microsoft while its technology is transitioned to Microsoft, the company said. Microsoft is not acquiring the PolicyMaker application security business, DesktopStandard noted.
Citigroup (NYSE:C) cut Apple (NASDAQ:AAPL) to hold from buy citing valuation. The broker told clients it sees little potential for revenue upside versus consensus in the third or fourth quarter of the year. It said gross margin upside should yield 4 cents to 6 cents of earnings-per-share upside in both quarters but that this is largely priced into the shares. On the product front, Citigroup said recent checks suggest that Apple is unlikely to introduce a new video iPod with a larger screen and "virtual click wheel" before the peak holiday season, as the broker had hoped.