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Wed, Feb. 3, 2:30 AM
- Activist investor Starboard Value has taken a 6.7% stake in Marvell Technology (NASDAQ:MRVL) and is betting the beleaguered semiconductor firm can boost margins among other improvements, WSJ reports.
- The position adds to pressure on Marvell, which is facing investigations into its accounting amid a sharp fall in its stock price. Shares of the company are down 44% over the past 12 months.
Wed, Jan. 6, 5:52 PM
- Amazon's (NASDAQ:AMZN) Annapurna Labs chip unit, acquired a year ago for a reported $350M, has unveiled (amid CES) a set of 32-bit and 64-bit ARM-based (NASDAQ:ARMH) processors for home gateways, Wi-Fi routers, and NAS storage appliances, along with related subsystems.
- The chips, to be sold under the Alpine label, target a low-end networking/storage processor market in which Marvell (NASDAQ:MRVL), Cavium (NASDAQ:CAVM), Intel (NASDAQ:INTC), and Broadcom (NASDAQ:BRCM) are notable players. Annapurna suggests the Alpine line will be differentiated in part by offering superior general-purpose computing power, thus allowing it to support more higher-level services. It also promises Alpine will support 4K video streaming 10G Ethernet and PCIe Gen3 connectivity, low power consumption, and enterprise-class reliability.
- Asus and Netgear plan to use Alpine. To date, Amazon has been tight-lipped about its plans for Annapurna. There has been speculation the Israeli chipmaker will develop low-power ARM server CPUs that will go into AWS' data centers. For now, AWS continues relying on Intel's x86 server CPUs.
- Earlier: AWS cuts cloud computing prices; Rackspace sells off
Dec. 8, 2015, 11:36 AM
- Marvell (MRVL -5.9%) is adding to the moderate losses seen yesterday after the company pre-announced below-consensus FQ3 sales and EPS (soft hard drive controller demand weighed), and forecast its mobile phone-related sales will drop through FY17 (ends Jan. '17) thanks to Marvell's restructuring of its mobile baseband modem ops.
- Possibly weighing: Marvell has also disclosed the SEC and U.S. Attorney's Office (DOJ) are probing the company on account of its recent Audit Committee probe into accounting and governance issues. Marvell says it's cooperating with the inquiries.
- Cowen's Tim Arcuri (Outperform, $12 target) defended Marvell yesterday afternoon. "Consistent w/our note from last week, revenue was slightly light but results appear more consistent w/storage end markets when adjusting for July/Oct pull-ins. FQ4:15 is now also part of the investigation and external authorities have made inquiries. We see this all ultimately leading to management shakeup and ultimate break-up of the company, an event that could drive ~2x upside for the stock."
- Update: Also possibly weighing on Marvell: JPMorgan and Credit Suisse have each cut their targets to $9, while reiterating Neutral ratings.
Dec. 7, 2015, 9:19 AM| Dec. 7, 2015, 9:19 AM | 20 Comments
Dec. 7, 2015, 8:47 AM
- The company sees FQ3 EPS of $0.05 per share vs. expectations of $0.13. Revenue is seen at $674M, down from $711M a quarter earlier.
- Storage revenue fell 16% sequentially during the quarter, says the company, reflecting lower demand from HDD customers, but was offset by slightly better-than-hoped SSD controller sales. Networking revenue fell 8%, and mobile and wireless revenue gained 15%.
- Source: Press Release
- MRVL is expected to open for trade again at 9 ET.
Dec. 2, 2015, 5:35 PM
Dec. 1, 2015, 10:55 AM
- Cowen has hiked its Marvell (NASDAQ:MRVL) target by $0.50 to $12, while reiterating an Outperform. The vote of confidence comes as the chipmaker continues an accounting review that has weighed heavily on shares, and five weeks after auditor PwC resigned.
- Also: A vague rumor has surfaced that Sony (not known for aggressive chip M&A activity) is looking to buy a stake in Marvell. Marvell supplies a networking ASIC and Wi-Fi controller IC for the PS4.
- Marvell hasn't yet released FQ3 (October quarter) results. Last month, the company said it would release "preliminary" FQ3 numbers by early December.
Oct. 27, 2015, 9:17 AM
Oct. 26, 2015, 5:37 PM
Oct. 26, 2015, 5:32 PM
- PricewaterhouseCoopers has resigned as Marvell's (NASDAQ:MRVL) independent registered accounting firm. Marvell adds its Audit Committee didn't "request, recommend, or approve" PwC's resignation.
- Marvell: "PwC has advised the Company that it would need to expand the scope of the 2016 audit in the following areas: (1) the Company's entity level controls, including whether senior management's operating style resulted in an open flow of information and communication to set an appropriate tone for an effective control environment, (2) the Company's process and controls over establishment of significant and judgmental reserves, including reserves for litigation and royalties, (3) the Company's process and controls over identification, communication and approval of related party transactions, including assignment of intellectual property rights and (4) the adequacy of financial reporting resources, including sufficient personnel with appropriate knowledge, expertise and training commensurate with the Company's corporate structure and financial reporting requirements. Due to its resignation, PwC did not undertake to expand the scope of the audit."
- The news comes less than two months after Marvell disclosed an Audit Committee probe into revenue recognition issues and management's operating style, and less then three weeks after interim CFO Sukhi Nagesh was reassigned.
- Shares have plunged to $8.00 after hours.
Oct. 12, 2015, 10:47 AM
- Citing uncertainty amid the company's CFO search, Nomura's Sanjay Chaurasia has downgraded Marvell (NASDAQ:MRVL) to Neutral, and cut his target by $2 to $12.
- The downgrade comes after Marvell (still conducting an accounting probe) disclosed interim CFO Sukhi Nagesh has been moved over to an SVP-level position, and a search has begun for a permanent CFO.
- Shares are once more within a dollar of a 52-week low of $8.21. They're down 36% YTD.
Oct. 9, 2015, 5:27 PM
- Marvell (NASDAQ:MRVL) interim CFO Sukhi Nagesh has been "promoted" to the role of SVP of corporate development & strategy, financial planning and analysis, and investor relations. The company will now begin a search for a permanent CFO. (8-K filing)
- The announcement comes a month after Marvell disclosed an audit committee probe related to accounting irregularities, and saw its shares tumble in response. Marvell's last permanent CFO, Mike Rashkin, retired earlier this year after less than 18 months on the job.
Oct. 6, 2015, 1:54 PM
- Marvell (MRVL +3%) and Exar (EXAR +4.2%) are rallying after Skyworks announced a $2B deal to buy PMC-Sierra. Marvell competes against PMC in the storage controller IC and network processor markets; Exar does so in the telecom IC market.
- Marvell has already been the subject of some M&A rumors as the chip industry continues consolidating. Light Reading reported in July Avago is thinking of buying Marvell after digesting (Marvell rival) Broadcom. The company's recent decision to launch major job cuts at its money-losing mobile baseband chip unit could make it more appealing to a would-be suitor.
Sep. 28, 2015, 8:34 AM
- Marvell Technology Group (NASDAQ:MRVL) declares $0.06/share quarterly dividend, in line with previous.
- Forward yield 1.92%
- Payable Oct. 22; for shareholders of record Oct. 8; ex-div Oct. 6.
Sep. 25, 2015, 11:13 AM
- "Mobile restructuring removed a substantial drag," says Nomura's Sanjay Chaurasia, reiterating a Buy, though cutting the price target to $14 from $16. "Due to lack of a clear growth strategy post-exit, we see Marvell (MRVL +2%) as under pressure to pursue a path of inorganic growth or to consider additional alternatives."
- Reiterating a Market Perform while boosting the price target to $11 from $9, FBR's Chris Rolland was most surprised last night's announcement didn't include a buyer for the group, given all the recent talks about a potential deal.
- In other sell-side action, RBC Capital lifts its PT to $10 from $9, Cowen remains a bull on the stock, and Piper Jaffray and Susquehanna are still neutral.
- Previously: Marvell Technology soars on mobile platform shakeup (Sept. 24)
Sep. 24, 2015, 5:37 PM
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