MRVL finished its last three post-earnings sessions lower
Semiconductor stocks have been in the spotlight plenty this month, as the AI valuation debate moves markets. Amid broader tech pressure, shares of Marvell Technology Inc (NASDAQ:MRVL) pulled back to layers of technical support, including the $80 region and the historically bullish 320-day moving average.
Volatility could soon put these support levels to the test, with the California-based chip name expected to report third-quarter earnings after the close on Tuesday, Dec. 2. The options pits are pricing in a post-earnings swing of 13.6%, which is near the 12.9% move the stock has averaged in the past two years. MRVL finished six of its last eight next-day sessions lower, including after its three most recent reports.
Put traders are targeting Marvell Technology stock at a much faster-than-usual rate ahead of the event. The equity's 10-day put/call volume ratio of 1.28 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits higher than all other readings from the past year.
Notably, MRVL tends to outperform options traders' volatility expectations, per its Schaeffer's Volatility Scorecard (SVS) of 85 out of 100.