A deal potentially worth $120 billion would normally be the kind of announcement investors celebrate.
For Marvell Technology (MRVL), it produced the opposite reaction.
Shares of the chip designer dropped more than 8% to $221.60 in early trading Aug. 28, putting the company on pace to lose more than $17.4 billion in market value.
The company performed well. Management raised its revenue forecast, according to Reuters. **** ysts lifted price targets. Marvell has one of the biggest new artificial intelligence opportunities in the semiconductor industry in a custom-chip deal with Alphabet (GOOGL) subsidiary Google.
But Wall Street dumped the shares.
#chip #company #management
For Marvell Technology (MRVL), it produced the opposite reaction.
Shares of the chip designer dropped more than 8% to $221.60 in early trading Aug. 28, putting the company on pace to lose more than $17.4 billion in market value.
The company performed well. Management raised its revenue forecast, according to Reuters. **** ysts lifted price targets. Marvell has one of the biggest new artificial intelligence opportunities in the semiconductor industry in a custom-chip deal with Alphabet (GOOGL) subsidiary Google.
But Wall Street dumped the shares.
#chip #company #management
2 months ago
