Why Marvell Technology Stock Surged This Week
Written by Keith Noonan for The Motley Fool -> Marvell Technology gained ground thanks to news that the stock will be included in the S&P 500 index. The company announced its new CFO and reiterated guidance for the current quarter. Positive analyst coverage and Iran war news a
Marvell Technology gained ground thanks to news that the stock will be included in the S&P 500 index.
The company announced its new CFO and reiterated guidance for the current quarter.
Positive analyst coverage and Iran war news also lifted the stock.
Marvell Technology (NASDAQ: MRVL) stock managed to close out this week's trading solidly in the green, posting a gain of 6.6% over the period . Across the same stretch, the S&P 500 and the Nasdaq Composite both notched gains of approximately 0.7%.
Marvell stock started the week's trading off with strong gains thanks to news of its upcoming inclusion in the S&P 500 index. The company also announced its new chief financial officer (CFO), reiterated its forward guidance, and benefited from bullish analyst coverage and market momentum connected to expectations that the Iran war could be winding down. With this week's gains, the stock is now up 229% year to date.
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Marvell stock rocketed higher in Monday's trading on the heels of news that the company is being added to the S&P 500 index. Inclusion in the index means that exchange traded funds (ETFs) that track the index will have to buy Marvell stock, which should create positive pricing pressure.
On June 11, Marvell announced that it had appointed Dan Durn as its new CFO. Durn had previously worked at Adobe . Along with the CFO news, the company reiterated its previously issued guidance for the current fiscal quarter.
