On June 15, GraniteShares 2x Long MRVL ETF rose 10.31% overnight, trading at $179.18/share, with turnover of $3.67 million. The leveraged ETF tracked a broad rally in its underlying stock Marvell Technology, which gained nearly 5% during after-hours trading.
The move came amid a collective surge in semiconductor stocks, with ARM also rising nearly 5%, AMD and Qualcomm gaining over 3%, and NVIDIA, TSMC, and Broadcom each climbing over 2%. Storage and optical communication names also rallied broadly, with Micron Technology up over 5% and Astera Labs up over 6%.
Recent positive catalysts have accumulated for Marvell Technology, including its upcoming inclusion in the S&P 500 index effective June 22, the appointment of former Adobe CFO Dan Durn as its new chief financial officer, and B.Riley raising its price target from $240 to $345 while maintaining a buy rating. The company also reiterated its fiscal Q2 guidance of approximately $2.70 billion in revenue.
(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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