Why Marvell Technology Stock Dropped Today
Portfolio Pulse from Ryan Gustafson
Marvell Technology, Inc. (NASDAQ:MRVL) shares dropped as the semiconductor sector pulled back after gains in sympathy with NVIDIA Corporation (NASDAQ:NVDA), which reported strong earnings and upbeat guidance. NVIDIA beat analyst consensus estimates with quarterly earnings of $2.70 per share and sales of $13.51 billion. Marvell is set to report second-quarter earnings after the market close Thursday, with expected earnings of 32 cents per share and revenue of $1.33 billion.
August 24, 2023 | 7:05 pm
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NEGATIVE IMPACT
Marvell Technology's stock price dropped due to a pullback in the semiconductor sector, despite NVIDIA's strong earnings report. The company is set to report its Q2 earnings today.
Marvell Technology's stock price dropped due to a pullback in the semiconductor sector, which was influenced by NVIDIA's strong earnings report. The company's upcoming Q2 earnings report could further impact the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
NVIDIA Corporation reported strong earnings and upbeat guidance, beating analyst consensus estimates. This led to a temporary boost in the semiconductor sector.
NVIDIA's strong earnings report and upbeat guidance exceeded analyst expectations, leading to a temporary boost in the semiconductor sector. However, the sector pulled back, affecting other stocks like Marvell Technology.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80