Marvell Technology Slips 11% and 4 Heavily Traded Shares Trading Now
Clearwire Corporation (NASDAQ:CLWR): Sprint Nextel Corp. said that they do not have control of Clearwire Corporation, despite their majority stake in the spectrum-rich Washington company. Overland Park-based Sprint (NYSE: S), which long has been Clearwire’s largest shareholder, increased their holdings from 48% to 50.8%, which Sprint revealed in a Thursday filing with the Securities and Exchange Commission.
Citigroup Inc. (NYSE:C): After concluding that his mismanagement of operations caused setbacks with regulators and cost credibility with investors, Citigroup Inc. directors ousted Chief Executive Officer Vikram Pandit. Episodes that led the board to replace Pandit with Michael Corbat included the rejection by regulators in March of a plan to boost shareholder payouts. Citigroup’s $2.9 billion write down on the Smith Barney brokerage unit and a two-level cut of their credit rating by Moody’s Investors Service also contributed.
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Marvell Technology Group Ltd. (NASDAQ:MRVL): After several brokers downgraded their stock, reacting to the chipmaker’s lowered revenue forecast and the surprise departure of their chief financial officer yesterday afternoon, shares of Marvell Technology Group slid more than 11% to $7.84. At least eight brokers removed their buy ratings from the stock; CLSA took their rating all the way from Buy to Sell. Marvell blamed the slumping PC industry that has hurt hard drive sales that use their chip products.
Pfizer (NYSE:PFE): Pfizer is one of the ten largest pharmaceutical companies in the world with a current market cap of $188 billion and $67.4 billion in sales during 2011. However, with the patent expiration of Lipitor in November 2011, their best-selling drug with $9.6 billion sales (or 14% of total sales), as well as several products that will lose exclusivity within a year, PFE will face a significant decline in revenue in 2012. The question an investor would like to know is, “How much will the declining drug sales impact Pfizer’s revenues and earnings going forward?”
Alpha Natural Resources (NYSE:ANR): Alpha Natural Resources Inc. fell 2.2% to $8.95 with 15,854,800 shares traded.
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