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. Follow @jamesjrogers >To submit a news tip, send an email to: email@example.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV