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.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.