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Sell Marvell Technology Group (MRVL)
05/26/2010 11:56 am EST
The company reported good earnings after the close on May 20 beating analyst estimates for 37 cents a share by a penny. Revenue too came in above the consensus of $845 million at $856 million. That was a 64% increase from the first quarter of 2009.
The company even upped its guidance for the second quarter. Earnings, the company projected, will be in a range from 38 cents to 43 cents per share (consensus before the revision was 36 cents) and revenue will be $900 million to $930 million (consensus was $865 million.)
That earnings news produced an 8% pop in the stock on the next trading day but since then it’s been pretty much What have you done for me lately?
The stock has retreated toward its 200-day moving average with a close slightly above or below that support depending on the direction of the market as a whole. That’s not a good sign if you think that the overall market is trending lower.
As of May 26 I’m selling Marvell Technology Group out of Jubak’s Picks with a 5.3% loss since I added the stock to the portfolio on January 19, 2010.
Full disclosure: I will sell my personal position in Marvell Technology Group three days after this is posted.
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