| Tech Stock News and Analysis |
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| Friday, August 18, 2006 |
Shares of Marvell Technology Group Ltd. dropped about 7 percent Friday after it said on Thursday that its second quarter revenue would fall short of expectations.
The Santa Clara-based chipmaker (NASDAQ MRVL) said an internal investigation of its stock option practices prevented a full report on its second quarter performance, which is likely to miss its scheduled Sept. 12 extended filing date.
The $574 million in revenue reported on Thursday was 47 percent more than the $390.5 million in the year-ago period, but short of the $583 million projected by analysts surveyed by Thomson First Call.
Marvell also projected sales would be between $2.27 billion and $2.29 billion, below its prior guidance of between $2.37 billion and $2.43 billion. Analysts had forecast $2.4 billion.
Its stock dropped as low as $18.53 on Friday, down about 9.5 percent, before closing at $19.05. It has lost nearly half of its value since hitting a 52-week high of $36.83 in January. |
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