Marvell Technology Boots Q3 Guidance (MRVL)

Created by Dividend.com

Mobile phone chip maker Marvell Technology Group Ltd. (MRVL) on Monday raised its third quarter profit forecast, sending its shares higher.

The Bermuda-based company said it now expects a fiscal 2010 third quarter profit of $760 million to $775 million per share, up from a prior forecast for $680 million to $730 million. On average, analysts expect a much lower $710.6 million.

The company is slated to report its third quarter earnings on Dec. 3.

Marvell Technology shares rose 52 cents, or +3.6%, in premarket trading Monday.

The Bottom Line
Shares of MRVL are slightly off 52-week highs of nearly $17 a share. The stock has technical support in the $13-$14 price area. If the shares can firm up, we see overhead resistance around the $18 price level. We do not currently rate this non-dividend paying stock, but we do follow the company closely.

Marvell Technology Group Ltd. (MRVL) does not currently pay a dividend.

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