Marvell, Brocade, Cisco: Tech Premarket
By James Rogers - 08/17/12 - 8:44 AM EDT
NEW YORK (TheStreet
) - Chip maker Marvell
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.
and Texas Instruments
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
, 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."
Brocade did not give a reason for Klayko's departure, although there has been speculation
that it may have been driven by the board's desire to facilitate the company's sale
A spokesman for Brocade told TheStreet
that the company doesn't comment on rumors.
, which surged 9.63% on Thursday following strong fourth-quarter results
, slipped 0.16% to $18.99 on Friday.
Shares of the San Jose, Calif.-based company saw volume of nearly 200,000 ahead of the opening bell.
was another active pre-market stock, rising 1.01%, to $20.07 on share volume of 293,521. The social networker's shares plunged more than 6% on Thursday on the expiration
of a lock-up period.
--Written by James Rogers in New York.
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