Marvell (MRVL) Stock Falls 10% After Report of Lumentum Deal Talks
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TLDR Marvell Technology (MRVL) stock fell about 10% in premarket trading Thursday after Bloomberg reported advanced talks to buy Lumentum (LITE). Lumentum rose about 6%. A deal could be announced as early as next week. Lumentum’s $83 billion market value is a big chunk of Marvell’s $221 billion, so investors worry about dilution. Bernstein says Marvell held only about $3.92 billion in cash last quarter. Alphabet’s weak earnings and a down Nasdaq added pressure. Marvell Technology (MRVL) stock fell about 10% in premarket trading Thursday after Bloomberg reported the company is in advanced talks to buy Lumentum Holdings (LITE).
Source: CoinCentral
