Marvell, Brocade, Cisco: Tech Premarket
NEW YORK (TheStreet) - Chip maker Marvell(MRVL) was a big loser in pre-market trading as investors balked at the company's weaker-than-expected second-quarter results, released after market close on Thursday.
The LSI(LSI) and Texas Instruments(TXN) competitor reported revenue of $816.1 million and earnings of 24 cents a share. Analysts surveyed by Thomson Reuters were looking for sales of $852.7 million and profit of 26 cents a share.
Marvell blamed a weak macroeconomic environment, which impacted its storage and mobile end markets.
The numbers pushed Marvell's shares down 9.2% to $11.15 on Friday. Marvell is also one of the most active pre-market Nasdaq stocks on share volume of 242,393.
Shares of Brocade(BRCD) , however, gained 3.2% to reach $5.80 on Friday after reporting solid third-quarter results on Thursday, comfortably beating Wall Street's top and bottom line estimates. The company also announced that CEO Mike Klayko is stepping down.
Brocade's board has formed a search committee and will retain an executive recruiting firm to find Klayko's successor, according to a statement. Klayko will continue to serve as Brocade CEO during the search for his replacement.
"Decisions like these are never easy, but I believe it is the right time," explained Klayko, in the company's statement. "The company is in a great position financially, and our product pipeline will continue to strengthen and clearly separate Brocade from other networking providers."
A spokesman for Brocade told TheStreet that the company doesn't comment on rumors.
Shares of the San Jose, Calif.-based company saw volume of nearly 200,000 ahead of the opening bell.