The winners in the tech sector included Marvell Technology Group (MRVL), whose shares climbed nearly 10% to $16 in late afternoon trading Friday on its second-quarter outlook. The semiconductor company said its wireless components business will increase 20% this quarter thanks to strong growth from mobile devices, WiFi and game consoles.
Also Broadcom (BRCM) shares jumped 5.3% after research firm FBR Capital Markets added the stock to its top picks list. The chipmaker is poised to capitalize on rapid growth in the smartphone market, FBR said.
SeaChange International (SEAC) shares soared 13% after reports surfaced that the company is in talks to be acquired by communications equipment maker Arris Group. Talks are still preliminary and the two parties are not close to reaching a deal, reports said.Meanwhile, Mentor Graphics (MENT) saw its shares drop 7.5% to $13.54 after delivering a second-quarter outlook that's below Wall Street expectations. The company, which makes electronic design automation systems, forecast adjusted earnings of 5 cents a share for the current quarter, excluding special items, on revenue of $210 million. Analyst on average were expecting earnings of 20 cents a share on revenue of $229 million. Also OmniVision (OVTI) shares tumbled 8.8% after the company posted a lower quarterly profit than the previous quarter. On Friday, investment bank Morgan Keegan put out a report that noted OmniVision's reliance on Apple (AAPL). The chip company currently generates about 10% of its revenue from Apple. --Written by Olivia Oran in New York.
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