On June 15, GraniteShares 2x Long MRVL Daily ETF (MVLL) rose 10.69% in pre-market trading, trading at $178.9/share, with turnover of $2.0976 million. The leveraged ETF, which provides 2x daily exposure to Marvell Technology, surged as the underlying stock benefited from multiple positive catalysts.
On the news front, Marvell Technology announced the appointment of Dan Durn as its new Chief Financial Officer effective June 15, succeeding Willem Meintjes. Durn previously served as CFO at Adobe and stepped down from Marvell's board on June 10. Alongside the appointment, Marvell reiterated its fiscal Q2 guidance of non-GAAP EPS of $0.93 (plus or minus $0.05) and revenue of $2.70 billion (plus or minus 5%), broadly in line with analyst expectations of $0.92 and $2.69 billion respectively.
Additionally, S&P Dow Jones Indices previously confirmed that Marvell Technology will join the S&P 500 index effective June 22, a catalyst that has driven significant buying pressure ahead of the inclusion date. Marvell shares have already gained 36.44% in June alone, with the approaching index inclusion likely fueling continued demand from passive index funds.
(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.)
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