Shares of Marvell Technology Group fell over 3% before the bell, despite the company surpassing Wall Street’s expectations for the recent quarter. Marvell reported earnings of 33 cents per share, excluding items, on $1.34 billion in revenue, slightly higher than the forecasted 32 cents per share and $1.33 billion. However, revenue and earnings per share expectations for the current period remained in line with expectations. The stock decline may reflect other factors influencing investor sentiment beyond the company’s strong financial performance.
Online payment firm Affirm saw its stock rise nearly 7% before the bell after reporting stronger-than-expected fiscal fourth-quarter results and robust revenue guidance for the first quarter. Affirm posted a smaller-than-anticipated loss of 69 cents per share on revenues of $446 million, surpassing analysts’ expectations of a loss of 85 cents per share on $406 million in revenue. This positive performance indicates that Affirm’s business model and growth strategy are gaining traction in the market, driving investor confidence.
Hawaiian Electric shares tumbled 20% following the news that Maui County is suing the utility company for damages over the island’s wildfires. The county accused Hawaiian Electric of leaving powerlines energized despite warning of high winds. In response, Hawaiian Electric expressed disappointment with the county’s decision to pursue legal action while the investigation is ongoing. This legal dispute has negatively impacted investor sentiment towards Hawaiian Electric, resulting in a significant decline in share price.