Stock Track | Marvell Technology Plunges 5% in Pre-Market After S&P 500 Inclusion Snub
Stock Track
Dec 08
Marvell Technology's stock fell sharply by 5% in pre-market trading on Monday, following its unexpected exclusion from the S&P 500 index. The chipmaker was widely anticipated to join the index after meeting financial eligibility criteria, including reporting positive GAAP earnings.
The disappointment overshadowed recent positive developments, including a 10% rally last week after Marvell announced a $3.25 billion deal to acquire semiconductor startup Celestial AI. Analysts had expected the S&P 500 inclusion to further boost investor confidence, but the snub triggered a sell-off instead.
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