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Marvell, Brocade, Cisco: Tech Premarket

NEW YORK (TheStreet) - Chip maker Marvell (MRVL) was a big loser in pre-market trading as investors balked at the company's weaker-than-expected second-quarter results, released after market close on Thursday.

The LSI (LSI) and Texas Instruments (TXN) competitor reported revenue of $816.1 million and earnings of 24 cents a share. Analysts surveyed by Thomson Reuters were looking for sales of $852.7 million and profit of 26 cents a share.

Marvell blamed a weak macroeconomic environment, which impacted its storage and mobile end markets.

The numbers pushed Marvell's shares down 9.2% to $11.15 on Friday. Marvell is also one of the most active pre-market Nasdaq stocks on share volume of 242,393.

Shares of Brocade (BRCD), however, gained 3.2% to reach $5.80 on Friday after reporting solid third-quarter results on Thursday, comfortably beating Wall Street's top and bottom line estimates. The company also announced that CEO Mike Klayko is stepping down.

Brocade's board has formed a search committee and will retain an executive recruiting firm to find Klayko's successor, according to a statement. Klayko will continue to serve as Brocade CEO during the search for his replacement.

"Decisions like these are never easy, but I believe it is the right time," explained Klayko, in the company's statement. "The company is in a great position financially, and our product pipeline will continue to strengthen and clearly separate Brocade from other networking providers."

Brocade did not give a reason for Klayko's departure, although there has been speculation that it may have been driven by the board's desire to facilitate the company's sale.

A spokesman for Brocade told TheStreet that the company doesn't comment on rumors.

Cisco (CSCO), which surged 9.63% on Thursday following strong fourth-quarter results, slipped 0.16% to $18.99 on Friday.

Shares of the San Jose, Calif.-based company saw volume of nearly 200,000 ahead of the opening bell.

Facebook (FB) was another active pre-market stock, rising 1.01%, to $20.07 on share volume of 293,521. The social networker's shares plunged more than 6% on Thursday on the expiration of a lock-up period.

--Written by James Rogers in New York.

>To submit a news tip, send an email to: tips@thestreet.com.

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Stock quotes in this article: MRVL, CSCO, BRCD, FB 

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