Marvell Technology Group Ltd. MRVL shares are trading higher by $1.32 (9.8 percent) at $14.68 in Friday's session. The catalyst for the rally is a Q3 beat of $0.08 along with a $30 million beat for revenues. The company also announced a $1 billion share buyback.
After a higher open, it rallied another $0.07 to $14.70 before changing direction. That level is just shy of its June high of $14.73. The ensuing decline found support ahead of the top of Thursday's range ($13.58), only reaching $14.15.
The rebound is now approaching the high for the session.
The better-than-expected report prompted Susquehanna to upgrade the issue from Neutral to Positive.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
