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Ahead of the Bell: Marvell Technology Group

By Associated Press
May 27, 2008 | Comments (0)

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A Goldman Sachs analyst thinks Marvell Technology Group's fiscal first-quarter will be followed by a more difficult second half, so on Tuesday he downgraded the chip maker's stock to "Neutral" from "Buy."

The Santa Clara, Calif., company plans to report results Thursday. Analyst James Schneider says he is concerned about the health of Marvell's core markets, including sales of hard drives to Western Digital Corp. and its business with smart phone maker Research in Motion Ltd.

Schneider said investors already expect strong results in Marvell Technology Group Ltd.'s fiscal first quarter _ along with a permanent replacement for former Chief Financial Officer Michael Rashkin, who resigned in January.

Schneider wrote in a note to investors that the company may not have much significant news to report for the rest of 2008.

Marvell Technology shares fell 27 cents, or 2.6 percent, to $14.07 in premarket trading.

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