Diamonds and Dogs
Marvell (MRVL) looks marvelous. The data storage maker beat estimates by 8 cents as revenue easily beat estimates as well. Management said their core businesses performed very well, with data storage and network infrastructure growing double digits year-over-year. The Board of Directors authorized a $1 billion share buyback program. This newly authorized stock repurchase program replaces in its entirety the prior $3.25 billion stock repurchase program, which had roughly $115 million of repurchase authority remaining. The Company currently intends to repurchase approximately $500 million worth of shares over the next 12 months.
Retailers have been on a roller coaster ride all year. Unfortunately, they're on the downswing today. Gap (GPS), Abercrombie & Fitch (ANF) and Hibbett Sports (HIBB) are all down over 10% following disappointing earnings. These earnings follow similar disappointing numbers from Dicks Sporting Goods, Walmart, Home Depot and Lowes early in the week. The Grinch may get the better of this holiday season.