MRVL reported its 2Q, which reflected a slowing demand in semiconductors for storage products. Both Deutsche Bank and Credit Suisse analysts cut MRVL's rating from BUY to HOLD, siting European and Asian market turmoil as the cause for MRVL's slip in sales. Deutsche Bank analyst Arnab Chanda downgraded the stock target price $20 to $15.
Marvell Technology announced a Q2 net loss of $56.46 million as compared to a net income of $44.48 million last year even though the net revenue for the quarter increased by 14 percent (from $574 million last year to $656.7 million).