Marvell Technology shares fell nearly 10% on Friday, extending a sharp decline that pushed the stock below its short- and intermediate-term moving averages. The selloff followed the chipmaker's fiscal third-quarter forecast of revenue of $3.15 billion, plus or minus 5%, and adjusted earnings of $1.10 per share, plus or minus $0.05, both above Wall Street estimates. Investors are also seeking clarity on Marvell's recently disclosed business with Google and its potential revenue contribution. At Friday's price, the stock remained above its 100-day moving average of $211.34, with a break below that level potentially bringing the 200-day average of $148.67 into focus. The relative strength index stood at 49.83, indicating balanced momentum.
Marvell Technology Group LtdDisappointing guidance for fiscal Q3 despite beating estimates, causing stock to plunge.
Alphabet Inc Class C