Marvell Technology Group, Ltd.NASDAQ
Unable To Find A Foothold, Marvell Keeps Sliding
Stephen Simpson, CFA
Stephen Simpson, CFA
Mon, Dec. 5, 9:11 AM
Tue, Nov. 22, 10:17 AM
- Previously (November 2) – Microsemi +10%; Skyworks approach, initiation of sale process reported
- Analyst William Stein suggests an EV/EBITDA calculation registers $90 per share and EV/Sales comes in at $74.
- Skyworks interest had been indicated among initial reports, though also considers Infineon Technologies (OTCQX:IFNNF), Marvell Technology Group (MRVL +0.8%) and STMicroelectronics (STM +2.9%) possible acquirers.
- Rates Microsemi (MSCC +2.4%) at Buy with a $58 price target (current price $56.03).
- Previously (October 24) – Microsemi's takeover-appeal observed at RBC Capital Markets
Fri, Nov. 18, 3:00 PM
Fri, Nov. 18, 12:48 PM
- Analyst Blayne Curtis raises his target from $12 to $14 (current price $14.54), highlights storage and better-than-expected networking growth, and points out the positive signal a newly authorized $1B share buyback represents.
- Attributed to ongoing restructuring initiatives, however, keeps Marvell Technology (MRVL +9.1%) shares at Equal weight until the effort plays out.
- Also today: Marvell Technology upgraded at Susquehanna
- Yesterday: Marvell Technology +7%; Q3 over projections, $1B repurchase program authorized
Fri, Nov. 18, 12:37 PM
- Large-cap names with 5x their normal volume:
- ASML Holding (ASML +1.7%)
- The Gap (GPS -16.5%)
- Mid-caps with 5x their normal volume:
- HRG Group (HRG +3.8%)
- Grand Canyon Education (LOPE -0.1%)
- Marvell Tech (MRVL +8.8%)
- Nuance Communication (NUAN +9.6%)
- Post Holdings (POST -2.1%)
- Regal Entertainment (RGC -2.2%)
- ViaSat (VSAT +4.9%)
Fri, Nov. 18, 9:43 AM
Fri, Nov. 18, 9:15 AM| Fri, Nov. 18, 9:15 AM | 1 Comment
Thu, Nov. 17, 5:35 PM
Thu, Nov. 17, 4:23 PM
Thu, Nov. 17, 4:21 PM
- Results – revenue $654.22M (-2.9% Y/Y, $38.33M above estimates), EPS $0.20 ($0.08 above estimates), net income $105M, cash flow from operations $121M
- Repurchases and dividends – $1B repurchase plan authorized, replacing prior $3.25B program. Dividend of $0.06 payable December 28 to shareholders on record December 6 approved.
- Q4 projections – revenue $565M (+/- 2%) [consensus $594.55M], gross margin 57%-58%, operating expenses $225M-$235M, EPS $0.17-$0.21 (consensus $0.13)
- Marvell Technology (NASDAQ:MRVL) president and CEO Matt Murphy: "Our core businesses performed very well, with data storage and network infrastructure growing double digits year-over-year. I'm very pleased with the performance of our team."
- Prior quarters overview
- Conference call
- Press release
Thu, Nov. 17, 4:07 PM
Wed, Nov. 16, 5:35 PM
Thu, Nov. 3, 9:34 AM
- To be incurred over the upcoming four quarters, with actions forecasted to become fully implemented by the end of October 2017.
- Goal set to reduce annual operating expenses from present annualized run rate of $1.08B to $820M-$840M. Plans to discontinue and consolidate certain R&D initiatives, streamline engineering operations, reduce legal and accounting expenses and divest non-strategic business cited. Estimated to terminate 900 positions globally.
- President and CEO Matt Murphy: "The single biggest factor limiting the potential of the Cloud and utilization of billions of connected devices is the bandwidth of today's technology. By focusing on our strengths in storing, moving, and accessing data at high speeds, Marvell is well-positioned to enable the technology of tomorrow."
- Marvell (MRVL -1.2%) to report Q3 results and discuss program in further detail November 17.
- Press release
Wed, Oct. 12, 2:03 PM
Thu, Sep. 15, 6:30 PM
Wed, Sep. 14, 4:18 PM