Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) ended Friday session in green amid volatile trading. The shares closed up +0.17 points or 1.35% at $12.74 with 9.95 million shares getting traded. Post opening the session at $12.95, the shares hit an intraday low of $12.60 and an intraday high of $12.99 and the price vacillated in this range throughout the day. The company has a market cap of $6.47 billion and the numbers of outstanding shares have been calculated to be 511.70 million shares.
Marvell Technology Group Ltd. (MRVL) on Sept. 14, 2016 announced that the Board of Directors has approved a quarterly dividend payment of $0.06 per share to all shareholders of record as of September 28, 2016. Marvell intends to pay the dividend on October 19, 2016.
Shares of Western Digital Corp (NASDAQ:WDC) ended Friday session in green amid volatile trading. The shares closed up +1.66 points or 3.12% at $54.94 with 9.51 million shares getting traded. Post opening the session at $54.73, the shares hit an intraday low of $54.30 and an intraday high of $55.95 and the price vacillated in this range throughout the day. The company has a market cap of $15.64 billion and the numbers of outstanding shares have been calculated to be 284.26 million shares.
Western Digital Corp (WDC) on September 7, 2016 updated its expectations for the first fiscal quarter of 2017 ending Sept. 30, 2016. Following the recent acquisition of SanDisk and the continued progress in integrating its WD and HGST subsidiaries, the company is addressing a larger number of customers with a broader portfolio of hard drive and flash storage products, leading to a better-than-expected product mix.sss
Enabled by ongoing strong execution, the company now expects its first quarter revenue to be in the range of $4.45 billion to $4.55 billion compared to its earlier forecast of $4.4 billion to $4.5 billion. Non-GAAP gross margin is expected to be approximately 33%, versus the earlier forecast of 32%, due to the improved mix and pricing. Non-GAAP operating expenses are expected to be approximately $905 million, versus the earlier forecast of $875 million, reflecting higher incentive compensation due to the stronger business performance. Net interest expense is forecasted to be lower than previously expected due to the recently completed re-pricing of the company’s U.S. Term Loan B debt. The company now expects first quarter EPS, on a non-GAAP basis to be in the range of $1.00 to $1.05, compared with its earlier forecast range of $0.85 to $0.90. The company will report its full results for the first fiscal quarter in late October.