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Marvell Technology Group, Ltd. (MRVL)

  • Dec. 9, 2013, 4:34 PM
    • Marvell (MRVL) has named Michael Rashkin, the president of the chipmaker's charitable fund (according to his LinkedIn profile), its new interim CFO. Rashkin, a 14-year company vet, has also worked as Marvell's VP of tax, and as interim CFO in the 2007-2008 timeframe. (PR)
    • The appointment comes a week after Brad Feller, Marvell's interim CFO for 14 months, resigned to "pursue other opportunities."
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  • Dec. 2, 2013, 4:57 PM
    • Brad Feller, Marvell's (MRVL) interim CFO for the last 14 months and once its corporate controller, is resigning to "pursue other opportunities," effective Dec. 10. No replacement has been named. (PR)
    • Feller became interim CFO in Oct. '12, after Clyde Hosein (Marvell's last full-time CFO) resigned for reasons similar to Feller's. Hosein is now the CFO of hosted VoIP services firm RingCentral (recently did an IPO).
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  • Nov. 21, 2013, 5:46 PM
    • After-hours Top Gainers, as of 5:15 p.m.: POZN +12.1%. SPLK +8.2%. ARUN +7.4%. ANR +6.1%. MRVL +4.1%.
    • After-hours Top Losers, as of 5.15 p.m.: VMEM -28.3%. TFM -14.5%. TXTR -9.2%. NAT -9.0%. ROST -7.7%.
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  • Nov. 21, 2013, 5:19 PM
    • In addition to soundly beating FQ3 estimates, Marvell (MRVL) is guiding for FQ4 revenue of $880M-$920M and EPS of $0.25 (+/- $0.02), above a consensus of $844.3M and $0.23.
    • The chipmaker had an FQ3 gross margin of 50.3%, down from FQ2's 53% and FQ1's 54.6%, and below a guidance midpoint of 51%. Marvell expects an FQ4 GM of 50% (+/- 100 bps). Shares fell following the FQ2 report due to gross margin worries (in spite of strong results/guidance).
    • $71M was spent on buybacks in FQ3 vs. $83M in FQ2.
    • Opex +9% Y/Y, thanks largely to a 12% increase in R&D spend to $296.3M (32% of revenue).
    • FQ3 results, PR
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  • Nov. 21, 2013, 4:08 PM
    • Marvell (MRVL): FQ3 EPS of $0.32 beats by $0.07.
    • Revenue of $931.0M beats by $58.2M. Shares +1.23% . (PR)
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  • Nov. 21, 2013, 12:10 AM
  • Nov. 20, 2013, 5:35 PM
  • Nov. 20, 2013, 12:04 PM
    • Qualcomm (QCOM +0.1%) has used its analyst day to take the wraps off several new chips. Among them is the Snapdragon 805, a new flagship baseband/app processor sporting four cores running at up to 2.5GHz. (the Snapdragon 800 tops out at 2.3GHz.), as well as a next-gen GPU said to offer a 40% performance gain.
    • Some other features: 25.6GB/s of memory bandwidth, support for the low-power H.265 4K video codec, and integrated motion sensor processing.
    • A new 4G baseband modem, the Gobi 9x35, has also been launched. The 9x35 uses a next-gen 20nm manufacturing process (likely from TSMC), and can support (via LTE carrier aggregation) download speeds of up to 300Mbps, twice that of the current Gobi 9x25.
    • Meanwhile, Qualcomm's Atheros unit is launching its IPQ processors, which combine a dual-core CPU with a packet-processing engine, for the router, home gateway, and media server markets. Qualcomm claims the IPQ line offers 70% lower power draw than rival products; it represents new competition for Broadcom (BRCM), Marvell (MRVL -0.5%), and Cavium (CAVM +0.1%).
    • Qualcomm expects the Snapdragon 805 to be in commercial devices in 1H14, and for the 9x35 to begin sampling in early 2014. The company is counting on the chips to fend off intensifying baseband and app processor competition from Intel, Broadcom, MediaTek (just launched an 8-core CPU), and Nvidia. The company's lead in integrating powerful app processors with 4G modems still gives it an edge when competing for many designs.
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  • Nov. 14, 2013, 5:57 PM
    • Intrexon (XON) +4.8% AH after David Einhorn's Greenlight Capital reveals it opened a ~2.1M-share position in the biotech company that went public in August. (13F)
    • Greenlight also started positions in NVR and Tempur Sealy (TPX), and added large stakes in WPX Energy (WPX) and Spirit AeroSystems (SPR); it closed positions on Oaktree Capital (OAK), State Bank Financial (STBZ) and Capital Bank Financial (CBF), while selling 20% of its shares in Rite Aid (RAD).
    • Its biggest positions are still in Apple (AAPL), 21.1% of the portfolio; GM, 11.3%; and Marvell Technology (MRVL), 9.4%.
  • Nov. 5, 2013, 12:56 PM
    • Bloomberg has joined the Daily Telegraph in reporting KKR has acquired a ~5% stake in Marvell (MRVL +9.2%). The news service also reports KKR has discussed taking the chipmaker private in partnership with CEO Sehat Sutardja and his brother Pantas. Pantas is Marvell's CTO, and Sehat's wife, Weili Dai, is its president.
    • A Bloomberg source says an LBO is being considered, but adds no deal is imminent.
    • The Sutardja brothers own 20% of Marvell, and David Einhorn owns 9%.
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  • 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.
    | 1 Comment
  • 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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Company Description
Marvell Technology Group Ltd is a fabless semiconductor provider of analog, mixed-signal, digital signal processing and embedded microprocessor integrated circuits.