Why Marvell Technology Stock Trounced the Market Today

Next-generation chipmaker Marvell Technology (NASDAQ: MRVL) announced two shareholder-pleasing measures on Wednesday, and the moves attracted investors to the stock. Collectively they pushed the company's share price up by 7% in a trading session that saw the bellwether S&P 500 index sag by 0.3%.This morning, Marvell announced that its board of directors has greenlighted a new share buyback program. It has authorized up to $5 billion in purchases of the company's common stock, in an initiative that essentially refreshes an existing initiative. Marvell said that, as of Aug. 2, there was roughly $2 billion left under the authorization for that program.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool