Marvell Enthusiasm Continues (MRVL)

Posted in pre-market 
August 28th, 2009

Marvell Technology Group Ltd. (NASDAQ: MRVL) is getting bid up and up. The communications chip maker posted a 24% drop in sales to $640.6 million. While this was down sharply, it was well above analyst estimates of $619.83 million; earnings beat but on cost cutting measures. Shares are up 7.5% at $15.70 as of 8:17 AM EST on over 400,000 shares of stock. Be advised that anything above $14.89 marks new 52-week highs and also be advised that this stock has now more than tripled off of its lows. -JON OGG

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