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.
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.
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
Aug. 22, 2013, 4:05 PM
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.
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.
Jul. 8, 2013, 1:24 PMChip 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) | 3 Comments
Jul. 1, 2013, 5:17 PMMore 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) | Comment!
Jul. 1, 2013, 9:22 AMA 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%. | 2 Comments
Jun. 25, 2013, 12:52 PMBrean's Mike Burton upgrades Marvell (MRVL +2.9%) to Buy even as he cuts his 2H estimates due to concerns about weak PC sales (hurts hard drive controller demand) and a 2H slowdown in Chinese phone sales. Burton sees Marvell benefiting over time from "new products and design wins" for a list of products that includes solid-state drives, 500GB/platter notebook hard drives, low-end Chinese 3G smartphones, app processors used by Samsung and BlackBerry, Wi-Fi/Bluetooth combo chips, network processors, and 10G/40G Ethernet transceivers. The David Einhorn holding is up 58% YTD. Susquehanna upgraded shares last week. | Comment!
Jun. 18, 2013, 11:35 AMAMD's first ARM-based server CPU, codenamed Seattle, will enter production in 2H14, the chipmaker announces. Seattle CPUs will feature 8 or 16 of ARM's (ARMH) high-end Cortex-A57 cores, with each running at 2GHz. or more. AMD claims the chips will "offer 3-4x the performance" of its new Opteron X-Series parts, and will integrate 10G Ethernet links and SeaMicro's Freedom Fabric tech. Seattle, aimed at the budding microserver market, will face competition from fellow ARM licensees AppliedMicro (AMCC +6.5% - appears to be rallying on the news), Marvell (MRVL), and startup Calxeda, and also Intel's Atom CPUs. Look for H-P to consider Seattle for its Moonshot server line. | Comment!
Jun. 17, 2013, 9:57 AM
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