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Wal-Mart, Marvell: After-Hours Trading

NEW YORK (TheStreet) -- Wal-Mart (WMT) got a lift in extended trades on Thursday after the world's largest retailer said its board has approved a 21% increase in its annual dividend.

The Dow component said its payout will rise to $1.46 per share from $1.21 per share. The first quarterly dividend reflecting the higher payment of 36.5 cents per share is payable on April 4 to shareholders of record on March 11. Based on Wal-Mart's regular session close at $52.01, the forward yield on the stock rises to 2.8% from a current yield of 2.3%. The stock's trailing average annual yield over the past five years is 1.9%.



The stock was last quoted at $52.34, up 33 cents, on volume of more than 260,000, according to Nasdaq.com. Wal-Mart hasn't participated in the market's broad rally with the shares down 3.2% over the past year vs. a gain of nearly 17% for the S&P 500.

"The strength of our earnings performance for fiscal 2011 and Walmart's strong financial position allow us to again increase our dividend payout to shareholders," said Mike Duke, the company's president and CEO. "We continue to generate ample free cash flow to fund store growth across all our markets, make strategic acquisitions and deliver returns to shareholders through dividends and share repurchase."

Wal-Mart said it's raised its dividend every year since declaring its first dividend in March 1974.

Marvell Technology

Marvell Technology (MRVL) got caught in a downdraft on Thursday after the Santa Clara, Calif.-based chip company's fourth-quarter results came in short of Wall Street expectations.

The stock was last quoted at $17.12, down 6%, on after-hours volume of 3.5 million. Based on a regular session close at $18.22, the shares were already off nearly 10% in the past year; although they had bounced more than 30% since scraping a 52-week low of $13.87 back in August.

Marvell reported an adjusted profit of $273 million, or 40 cents a share, on revenue of $901 million for the three months ended Dec. 31. That performance represented a sequential decline from its third-quarter results and missed the average estimate of analysts polled by Thomson Reuters for earnings of 42 cents a share on revenue of $924 million.

The company's outlook also appears to be a disappointment as Marvell reportedly forecast revenue of $800 million to $850 million for its current fiscal first quarter. The current consensus estimate calls for revenue of $887.7 million in the April-ending period.

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