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Marvell Technology Group, Ltd. (MRVL)

  • Nov. 5, 2013, 11:45 AM
    • The Daily Telegraph's Ben Harrington reports KKR has been quietly building a 5% stake in Marvell (MRVL +7.2%) ahead of a "potential takeover deal." He adds it isn't clear if formal talks have started.
    • David Einhorn still owns a large stake in Marvell, and there has been speculation Marvell's founding family could try to take the chipmaker private.
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  • Oct. 15, 2013, 9:29 AM
    • Teradata (TDC) has been cut to Neutral by Credit Suisse and Sterne Agee, and to Equal Weight by Morgan Stanley, following its Q3/2013 warning. Shares -14.9% premarket.
    • Dassault (DASTY.PK) has been cut to Underweight by HSBC a day after the company reported weaker-than-expected preliminary Q3 results and cut its full-year guidance. Shares -3.2% in Paris.
    • FireEye (FEYE) has received three bullish coverage launches and four neutral ones on underwriter coverage day. Shares +0.6%.
    • Texas Instruments (TXN) has been upgraded to Neutral by Susquehanna. Shares +0.5%.
    • Cogent (CCOI) has been upgraded to Buy by Citi.
    • Veeco (VECO) has been cut to Market Perform by Oppenheimer.
    • Marvell (MRVL) has been started at Outperform by Raymond James.
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  • Sep. 23, 2013, 1:56 PM
    • U.S. District Judge Nora Barry Fischer has denied Marvell's (MRVL -2.2%) request for a new trial on a Carnegie Mellon infringement suit that yielded a $1.17B jury verdict last December.
    • Fischer also agreed with Carnegie Mellon's assertion that the jury award should be increased on account of Marvell being guilty of willful infringement. A further opinion will be issued later.
    • In addition to a bigger award, Carnegie wants Marvell to pay ongoing royalties of $1.50 per infringing hard drive chip; the jury award was based on a royalty of $0.50/chip.
    • Marvell asserted in an April 12 filing it shouldn't be liable for chips used outside the U.S., and that the verdict should have been no larger than $164.6M.
    • On its FQ2 CC, Marvell disclosed storage-related sales accounted for 52% of its quarterly revenue.
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  • Sep. 10, 2013, 2:42 PM
    • Analyst Harlan Sur, who's raising his PT to $16 from $14, praises Marvell's (MRVL +1.8%) improved product/R&D execution over the last 18 months. He also expects further op. margin expansion thanks to tight cost controls.
    • Sur forecasts FY15 (ends Jan. '15) EPS of $1.05, above a $0.98 consensus.
    • Marvell sold off last month following its FQ2 report, as soft gross margin guidance overshadowed an FQ2 beat and strong revenue/EPS guidance. But shares have since recouped most of their losses, and aren't far removed from their 52-week high of $13.51.
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  • Aug. 26, 2013, 10:14 AM
    • The suit resulted in Marvell (MRVL -1.8%) getting hit by a $1.17B patent infringement verdict by a Pittsburgh jury last December. Marvell is in the midst of appealing the verdict.
    • In requesting a mistrial, Marvell had argued Carnegie Mellon's lawyer had made misleading and prejudicial remarks that "inflamed" the jury. But a U.S. District Judge was unconvinced.
    • Shares are adding to the losses they saw on Friday following Marvell's FQ2 report (the result of light gross margin guidance).
    • Last week, a Texas jury cleared Marvell of infringement in a case brought by private Lake Cherokee Hard Drive Technologies.
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  • Aug. 22, 2013, 4:31 PM
    • Marvell (MRVL) expects FQ3 revenue of $850M-$900M and EPS of $0.25 (+/- $0.02), favorable to a consensus of $845.2M and $0.24.
    • The chipmaker attributes its FQ2 beat to "better demand and share gains" for storage chips, and "strong double-digit growth" for mobile/wireless chip sales.
    • Gross margin was 53%, -160 bps Q/Q and -60 bps Y/Y. GM is expected to fall to 51% (+/- 100 bps) in FQ3.
    • $83M was spent to repurchase 7.2M shares. 211M shares (~30% of outstanding shares) have been repurchased over the last 12 months. Thank David Einhorn for that.
    • Marvell's strong YTD performance seems to be limiting its AH move. Also, the chipmaker's gross margin guidance might be disappointing some investors.
    • CC at 4:45PM ET. FQ2 results, PR
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  • Aug. 22, 2013, 4:05 PM
    • Marvell (MRVL): Q2 EPS of $0.23 beats by $0.04.
    • Revenue of $807M beats by $15.7M. Shares +4.2% AH. (PR)
  • Aug. 22, 2013, 12:10 AM
  • Aug. 21, 2013, 5:35 PM
  • Aug. 20, 2013, 10:45 AM
    • A Texas jury clears Marvell (MRVL +0.1%) of infringing two patents owned by private Lake Cherokee Hard Drive Technologies that relate to hard drive read channel chips.
    • In Dec. '12, a Pittsburgh jury ordered Marvell to pay $1.17B in damages after finding it guilty of infringing a hard drive controller patent owned by Carnegie Mellon. Marvell is naturally appealing.
    • Yesterday, the chipmaker announced new chips for its Prestera DX network processor line (competes with Broadcom and others). The chips, which begin sampling next month, combine multi-core ARM CPUs with a built-in traffic manager. They're aimed at access/aggregation equipment within wireline and mobile networks.
  • Aug. 15, 2013, 10:23 AM
    • Greenlight Capital's latest 13F indicates David Einhorn dumped his 6.1M-share Microsoft (MSFT -1.8%) stake, and his 5.4M-share Seagate (STX -3.4%) stake, in Q2.
    • Einhorn also took some profits in Marvell (MRVL -1.3%), paring his position to 44.3M shares from 51.8M shares at the end of Q1. But that still leaves him with a ~9% stake in the chipmaker, which has been on a tear this year.
    • Einhorn still has sizable positions in Apple (AAPL -0.4%), Vodafone (VOD -1.1%), and Computer Sciences (CSC -1.6%).
  • Aug. 13, 2013, 9:45 AM
    • Microsoft (MSFT -1.6%) has been cut to Hold by Stifel due to Windows division sales, pricing and spending concerns. Evercore upgraded Microsoft recently on account of Office/Server & Tools optimism.
    • RetailMeNot (SALE -0.3%) has been assigned 3 bullish and 4 neutral ratings on underwriter coverage day.
    • Marvell (MRVL +2.8%) has been upgraded to Top Pick from Outperform by RBC ahead of its Aug. 22 FQ2 report.
    • Constant Contact (CTCT +3.9%) has been upgraded to Buy by Lazard.
    • Allot (ALLT -1.4%) has been cut to Sector Perform by RBC in the wake of last week's Q2 miss.
    • E2open (EOPN +0.7%) has been started at Outperform by Northland.
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  • Jul. 31, 2013, 11:42 AM
    • Marvell (MRVL +2.3%) shares are up 8% on the week, as investors react to glowing reviews and strong early demand for Google's $35 Chromecast HDMI streaming stick, which (as shown in teardowns) uses an ARM-based Marvell SoC.
    • Marvell has followed up by announcing a new SoC for Chromecast hardware.
    • Shares +80% YTD. David Einhorn must be happy.
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  • Jul. 8, 2013, 1:24 PM
    Chip stocks underperform (SOXX -1.8%) thanks to an Intel downgrade, negative PC commentary, and worries about Samsung's light profit forecast. Citi's Glen Yeung, who just cut his Intel estimates and pulled Qualcomm (QCOM -1.7%) from his firm's Top Picks Live list, notes smartphone penetration in developed markets (where high-end sales are concentrated) has hit 75%, and frets about a "lack of new, innovative features" in high-end phones. SWKS -3.4%. MRVL -2.9%. SMTC -3%. AVGO -3.1%. ADNC -4.3%. SNDK -2.4%. TQNT -2.4%. ATML -2.5%. TSM -3.2%. Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG. (SIA sales data)
  • Jul. 1, 2013, 5:17 PM
    More on Lazard's downgrade of Broadcom (BRCM -1.8%) and upgrade of Marvell (MRVL +0.4%): analyst Daniel Amir argues Broadcom's (dominant) combo chip share has nowhere to go but down, that 4G LTE baseband chip sales will take time, and that heavy investments/opex spell a lack of operating leverage. Meanwhile, he thinks rival Marvell's 3G baseband business could be a positive catalyst: the company has launched quad-core chips, is expanding beyond China, and has scored design wins with Samsung, Huawei, ZTE, and HTC.  Moreover, the baseband wins could lead to combo chip wins. Brean upgraded Marvell last week. (Broadcom 3G basebands)
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  • Jul. 1, 2013, 9:22 AM
    A roundup of tech analyst ratings changes: 1) BlackBerry (BBRY) has been downgraded to Equalweight by Morgan Stanley. 2) Broadcom (BRCM) has been downgraded to Neutral by Lazard. 3) Marvell (MRVL) has been upgraded to Buy by Lazard. 4) F5 (FFIV) has been upgraded to Buy by Needham. 5) Avid (AVID) has been downgraded to Neutral by JPMorgan. 6) Solera (SLH) has been upgraded to Outperform by William Blair. BBRY -4.1%, adding to Friday's 27% drop. BRCM -0.6%. MRVL +1.4%. FFIV +2%.
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Company Description
Marvell Technology Group Ltd is a fabless semiconductor provider of analog, mixed-signal, digital signal processing and embedded microprocessor integrated circuits.