Marvell Technology Group Ltd. (NASDAQ: MRVL)
Marvell was off to a relatively strong start in the market this morning before correcting in early morning hours. Nonetheless, minutes ago, we started to see a new spike in the stock. After digging a bit, we found the reason. Below, we’ll talk about what we’re seeing from the stock, why, and what we can expect to see from MRVL ahead.
MRVL Is Having A Strong Day
As mentioned above, Marvell Technology Group started the day off strong in the market before an early morning correction that brought the stock back down to nearly break-even. Nonetheless, we started to see a high momentum spike upward just minutes ago. At the moment (10:25), the MRVL is trading at $13.28 per share after a gain of $0.16 per share or 1.20% thus far today.
Why The Gains Are Happening
As soon as we saw the spike on MRVL, the CNA Finance team started digging for a cause, and this one definitely has a valid cause. According to reports, Marvell Technology has received a takeover offer from Broadcom. If these reports are correct, Broadcom is willing to pay $8.3 billion in order to acquire the company; which would represent a strong premium.
What We Can Expect To See Ahead
Moving forward, I’m expecting to see more gains throughout the day as investors cheer the concept of an acquisition. However, it’s important to remember that at this point, MRVL hasn’t accepted the offer and could refuse it. So, keep an eye on the story as it unfolds for clues with regard to what’s likely coming next for MRVL shareholders.
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