Marvell Shares Hammered After Bad News – Down ~15% Today
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Marvell Technology’s shares were sinking a day after the chipmaker said third-quarter revenue will be less than expected and told investors it will restate past financial results because of discrepancies in its past stock-option grants.
The news took the shares down more than 15% in early trading Tuesday. The stock was recently off $2.94 to $16.15, putting it under its regular-session 52-week low. The Santa Clara, Calif., company said revenue in its fiscal third quarter will be down about 10% from the $574 million in second-quarter sales.
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