Volume Spike Investor

Marvell Technology (MRVL) had better-than-expected earnings. Shares spiked up 22% in the first ten minutes and over ten million shares changed hands. Normal daily volume for MRVL is 14 million shares. The stock was at $19.09 at 9.45 AM.

JP Morgan and Oppenheimer upgraded the company after numbers hit.

Net revenue for the first quarter of fiscal 2009 was $804 million, an increase of 27 percent over $635 million in the first quarter of fiscal 2008, ended April 28, 2007, and a 5 percent sequential decline from $845 million in the fourth quarter of fiscal 2008, ended February 2, 2008.

The shares now trade at almost double their 52-week `low of $9.77.

Douglas A. McIntyre