Marvell Technology Group Ltd. (MRVL) Up on Share Buyback & Earnings

Shares of Marvell Technology Group Ltd. (MRVL) are on fire this morning after the company delivered solid quarterly earnings and announced a stock buyback.

Marvell Technology Group Ltd. will need to hold the 50 day moving average located at $16.45. If Marvell can close above this level, the next major resistance level is located at $17.90.

Marvell Technology Group Ltd. Reports Second Quarter of Fiscal 2011 Results

Marvell (Nasdaq: MRVL - News), a global leader in integrated silicon solutions today reported financial results for the second quarter of fiscal 2011, ended July 31, 2010.
Net revenue for the second quarter of fiscal 2011 was $896 million, a 40 percent increase from $641 million in the second quarter of fiscal 2010, ended August 1, 2009, and a 5 percent sequential increase from $856 million in the first quarter of fiscal 2011, ended May 1, 2010.
GAAP net income was $220 million, or $0.33 per share (diluted), for the second quarter of fiscal 2011, compared with a GAAP net income of $58 million, or $0.09 per share (diluted), for the second quarter of fiscal 2010. GAAP net income in the first quarter of fiscal 2011 was $206 million, or $0.30 per share (diluted)

Share Repurchase Program

Marvell also announced today that its Board of Directors has authorized a program to repurchase up to $500 million of its outstanding common shares, depending on market conditions and other factors.

http://www.marvell.com/company/news/press_detail.html?releaseID=1432


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