Movement Alert｜Marvell Technology Falls 3.04% in Pre-Market Trading, Michael Burry Announces Short Position on Semiconductor Sector

Market Focus09-10 20:06

On September 10, Marvell Technology fell 3.04% in pre-market trading to $227.77 per share, with turnover of $38.96 million, giving back a portion of the prior session's 4.26% gain.

On the news front, prominent investor Michael Burry publicly announced the establishment of a short position against the semiconductor sector, purchasing put options on the iShares Semiconductor ETF (SOXX) expiring in January with a $330 strike price, betting on a significant near-term decline. Burry stated that the current rally is \"more technical than fundamentally sustainable,\" sending a bearish signal across the chip space. The semiconductor sector weakened broadly in pre-market trading, with Intel down 2.96%, Micron Technology down 1.98%, Advanced Micro Devices down 1.94%, Broadcom down 0.88%, and NVIDIA down 0.68%.

Marvell had recently been recovering from an over-10% post-earnings selloff triggered by concerns over the timing of Google deal revenue recognition, despite Q2 results and Q3 guidance both exceeding expectations. Multiple brokerages had raised their price targets, with the analyst consensus at approximately $293.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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