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Thursday, August 28, 2008

Marvell (MRVL) 2Q:2009 results

Marvell beats revenue estimates by about 9 mil and beats gross margin estimates by almost a percent. Non-gaap EPS are 3 cents better than consensus.

Marvell's good fortune seems very out of line with the ills of their hard drive customers and I would not buy the stock despite the upside. Hard drive controllers are the major driver of business for Marvell -- Seagate and Western Digital both pulled the reigns in pretty hard. Guidance should be conservative. If it isn't and the stock rallies, I'd short it. I have no position at present.

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