From Briefing.com - 08:23 am Marvell Technology Group (MRVL)
Shares of Marvell Technology Group (MRVL 14.08) are soaring more than 17% in premarket trading after the semiconductor company's quarterly earnings topped Wall Street's expectations by 84%.
The Bermuda-based company earned $0.24 per share in the first quarter, trouncing the consensus estimate by $0.11 cents, and reversing a year-ago loss of $0.09 per share.
Revenue fell 4.8% to $804.1 million, but the result still came out ahead of the $783.6 million analysts were anticipating.
Non-GAAP gross margins came in at 52%, an increase over the prior year's gross margin of 48.9%.
08:04 am Dell (DELL)
Dell's (DELL 24.20) first quarter earnings and revenue soared past Wall Street's expectations on strong overseas sales. Shares have traded more than 10% higher in premarket activity in response.
First quarter revenue rose 9% year-over-year to $16.1 billion, topping the the $15.7 billion consensus estimate. Much of the growth was driven by overseas sales, with global consumer revenue up 20%. Notebook sales showed notable strength, growing at 43% year-over-year, which is 1.2 times more than the industry rate.
The Texas-based company earned $0.38 per share, which is $0.04 better than the consensus estimate. Dell benefited from better-than-industry growth of commercial and consumer products and services, and lower operating expense as a percent of revenue.
Dell plans to continue to incur costs as it realigns its business to improve competitiveness, reduce headcount and invest in infrastructure and acquisitions. The firm expects to continue to benefit from improving performance in areas like emerging countries, notebooks, enterprise and services, which collectively are driving a more diversified portfolio of geographies and products.
Abu Dhabi Future Energy is significantly expanding its investment in solar energy by contracting with Applied Materials (AMAT) to purchase three SunFab Thin Film Lines for producing solar modules...
From Last Night: 4:25 pm : The stock market posted a solid gain Thursday, its third consecutive advance. Market participants were encouraged by an upward revision to the first quarter economic growth rate and a sharp drop in crude prices.
Crude oil ended the session down 3.5% at $126.40 per barrel after a volatile trading session. In morning trade, crude spiked to a 1.9% gain after the government reported the largest weekly drop in crude inventory levels since 2004. Prices soon reversed, however, on demand concerns and recognition that the plummet in inventory levels was caused by delivery issues and is only temporary.
The Dollar Index advanced 0.7% which also weighed on crude prices, as well as commodities as a whole (-2.4%). Precious metals (-3.9%) took a notable hit, with gold falling 2.6% and silver falling 5.2%.
The declines in oil and commodities weighed on the energy (-2.0%) and material (-1.3%) sectors, which were the only sectors to finish the day with a loss. The rest of the stock market fared well, as the drop in crude and commodity prices helped ease inflation fears.
Financials posted a solid 1.6% gain in a bit of a rebound trade following its more than 6% drop last week. MasterCard (MA 309.00, +22.11), which is not included in the S&P 500, rose to a new lifetime high after the company forecast long-term net income growth of between 20% and 30%.
Merck (MRK 38.92, +0.26) garnered the market's attention on news that two Vioxx verdicts against Merck were overturned, however the stock underperformed the health care sector (+1.5%).
Retail stocks outperformed following a mixed batch of earnings reports. Discount retailers Costco (COST 72.98, -0.26) and Big Lots (BIG 30.66, +2.13) both posted better-than-expected quarterly earnings results, benefiting from consumers' search for bargains. Conversely, Sears Holdings (SHLD 86.14, -3.22) unexpectedly lost $0.53 per share in its latest quarter, excluding items, compared to a profit of $1.15 per share in the prior year. Analysts were expecting a profit of $0.15 per share.
The session's in-line economic data didn't ignite buying interest, but it helped keep selling interest at bay.
First quarter GDP was revised higher to 0.9% from 0.6%, matching the consensus estimate. The reading remains below the 3% normal growth rate, but the result is much better than the alarmist recessionary talk. The change was primarily due to revisions to net exports (+0.6%), nonresidential construction (+0.2%) and inventories (-0.6%).
In a separate report, the number of weekly jobless claims reading held mostly steady at 372,000, which was roughly in-line with expectations. DJ30 +52.19 NASDAQ +21.62 NQ100 +1.0% R2K +1.0% SP400 +0.5% SP500 +7.42 NASDAQ Dec/Adv/Vol 1101/1733/1.95 bln NYSE Dec/Adv/Vol 1175/1924/1.21 bln
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