Marvell Soared, TPL, CPB, And ALB Slumped

2024-12-05 10:09:43

(MENAFN- Baystreet) After gaining 23.19% to close at $118.15, Marvel technology (MRVL) might continue its rally today. The firm posted a 7.0% Y/Y rise in revenue, to $1.52 billion. Its Q4 financial outlook is even more impressive.

Marvell expects net revenue of up to $1.8 billion, $115 million higher than consensus estimates. Its GAAP EPS is up to $0.16 ($0.59 in non-GAAP terms). The price-to-earnings would imply an overvaluation. However, the firm has substantial growth in the data center segment. Gross margins were 60.5% (non-GAAP).

In the food sector, Campbell's Company (CPB) slumped by 6.24% on Wednesday, Dec. 4. The downtrend continued despite the firm raising its dividend. In its first fiscal quarter, the firm will see its CEO, Mark Clouse, depart. In the quarter, the firm suffered from cost inflation. It also dealt with other supply chain costs.

Texas Pacific (TPL) dropped by 11.59% on no news. The stock peaked at $1,769 but selling volumes continued since Nov. 22.

Lithium miner Albemarle (ALB) risks re-testing its $100 support zone. ALB stock fell by 5.92%. The Nov. 19 uplift from Sayona Mining (SYAXF) buying Piedmont Lithium is over.
Investors will renew their worries about the weakening demand for lithium. Sales of EVs continue to face downward pressures.

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