Dell and Marvell both reported second-quarter results
Shares of Dell Technologies Inc (NYSE:DELL) and Marvell Technology Inc (NASDAQ:MRVL) are moving higher following their respective earnings reports.
Dell, now a top vendor for servers oriented toward artificial intelligence (AI), reported second-quarter adjusted earnings of $1.89 per share on revenue of $25.06 billion, both of which beat Wall Street's expectations thanks to an 80% increase in server sales. At last glance, DELL was 1.7% higher at $112.58, extending its year-over-year lead to 97%.
As far as analysts notes today, sentiment is mixed. No fewer than five covering brokerages cut their target prices, while three adjusted higher. The options pits are taking a more firm stance, with 34,000 calls traded so far against 16,000 puts, and total options volume running at five times the intraday average amount.
Semiconductor firm Marvell Technology is faring even better, up 6.8% at $74.58 at last glance, after also reporting top- and bottom-line beats in the second quarter. In addition, the firm lifted its third-quarter forecast above analyst expectations, and MRVL now stands 15.8% higher in 2024.
No less than six analysts hiked their price target on the security, with Rosenblatt Securities adjusting up to $120 from $100. Options traders are also bullish, with the 25,000 calls exchanged already today nearly doubling the 13,000 puts. New positions are opening at the second-most popular contract, the weekly 9/6 75-strike call.