Marvell Shares Rise After Filing 1Q Loss
10.07.2007 19:13
Computers
- Source: Forbes
Shares of Marvell Technology Group Ltd. rose in Tuesday's trading, after the company filed its delayed first-quarter results. Results had been delayed due to a stock options probe. Because the company missed its filing deadline, it fell out of compliance with Nasdaq Stock Market (nasdaq: NDAQ - news - people ) rules and faced delisting. In June the company said the Nasdaq delayed a delisting decision on the stock until July. For the first quarter, the company reported a loss of $46.9 million, or 9 cents per share, compared with a profit of $77.6 million, or 13 cents per share for the first quarter of 2006. Revenue for the quarter was $635.1 million, up from $521.2 million in the year-ago period. Stifel Nicolaus analyst Cody Acree, who has a "Buy" rating on the stock, thinks the company may have cleared a hurdle, and said he continues to favor the stock. "Marvell continues to be among our favorite ideas as the company appears to be putting its difficulties behind it and is returning to revenue growth and margin expansion," Acree wrote in a client note. Shares of Marvell, which have traded between $15.25 and $21.85 over the last 52 weeks, climbed 49 cents, or 2.7 percent, to $18.69 in afternoon trading. Questions or comments about this story should be directed to the Financial News desk of The Associated Press at 212-621-7190. Copyright 2007 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed
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