Cowen Says Marvell Technology (MRVL) is Stuck in 'Purgatory' Following Auditor Resignation; Cuts Price Target to $11.50

Pre-Open Stock Movers 10/27: (TRIV) (UQM) (BABA) Higher; (RRTS) (RCII) (MRVL) Lower (more...)

TriVascular Technologies, Inc. (Nasdaq: TRIV) 50.8% HIGHER; Endologix (NASDAQ: ELGX) and TriVascular Technologies, Inc. (Nasdaq: TRIV) announced today that they have entered into a definitive merger agreement under which Endologix and TriVascular will combine in a stock and cash transaction. The transaction is valued at $9.10 per TriVascular share, or a total of approximately $211 million, based on Endologix's closing stock price of $13.81 per share on October 23, 2015.

Roadrunner Transportation (NYSE:... More

UBS Downgrades Marvell (MRVL) to Sell

UBS downgraded Marvell (NASDAQ: MRVL) from Neutral to Sell with a price target of $6.00 (from $9.10) on increased SSD, WiFi and audit concerns.

Analyst Stephen Chin commented, "We have a Sell rating on Marvell as we believe there could be lower sales in its Solid State Drive (SSD) controllers... More

B. Riley Downgrades Marvell (MRVL) to Sell

B. Riley downgraded Marvell (NASDAQ: MRVL) from Neutral to Sell with a price target of $7.00 (from $10.00).

For an analyst ratings summary and ratings history on Marvell click here. For more ratings news on Marvell click here.

Shares of Marvell closed at $9.45 yesterday.

MKM Partners Downgrades Marvell (MRVL) to Neutral

MKM Partners downgraded Marvell (NASDAQ: MRVL) from Buy to Neutral with a price target of $9.00 (from $12.40).

For an analyst ratings summary and ratings history on Marvell click here. For more ratings news on Marvell click here.

Shares of Marvell closed at $9.45 yesterday.

Marvell (MRVL) Auditor Resignation a 'Near-Term Negative', RBC Capital Says

RBC Capital analyst Mitch Steves reiterated a Sector Perform rating and cut his price target on Marvell (NASDAQ: MRVL) to $9.00 (from $10.00) after PricewaterhouseCoopers announced that it has resigned as Marvell's public accounting firm.

"We believe the resignation acts as a near-term negative as it... More

After-Hours Movers 10/26: (TRIV) (IDTI) (EW) Higher; (RCII) (MRVL) (MSTR) Lower (more...)

TriVascular Technologies, Inc. (Nasdaq: TRIV) 50.8% HIGHER; Endologix (NASDAQ: ELGX) and TriVascular Technologies, Inc. (Nasdaq: TRIV) announced today that they have entered into a definitive merger agreement under which Endologix and TriVascular will combine in a stock and cash transaction. The transaction is valued at $9.10 per TriVascular share, or a total of approximately $211 million, based on Endologix's closing stock price of $13.81 per share on October 23, 2015.

Rent-A-Center (NASDAQ: RCII)... More

Market Wrap: Valeant Plays Defense; New Home Sales Dipped in Sept.; Merger Monday

Market wrap for October 26th

End of the Day: S&P 500 down 4.0 to 2,071.18; Dow Jones down 23.7 to 17,623.05; Nasdaq up 2.8 to 5,034.70

Market Brief: Markets ended mixed in a ho-hum trading session Monday ahead of the FOMC rate decision slated for Wednesday following its two-day meeting.

Valeant came out in defense of accusations from Citron Research, though the stock ended up lower following a slight rebound last Friday.

Plenty of M&A action hitting the wires today in typical Merger Monday... More

Marvell Technology (MRVL) Auditor PwC Resigns

Marvell Technology (NASDAQ: MRVL) said in an SEC filing:

(a) On October 20, 2015, PricewaterhouseCoopers LLP (PwC) advised the Audit Committee of the Board of Directors (the Audit Committee) of Marvell Technology Group Ltd. (the Company) of PwCs resignation as the Companys independent registered public accounting firm, effective on that date. The Audit Committee did not request, recommend or approve the resignation of PwC.

PwCs audit reports on the Companys consolidated financial statements as of and for the fiscal years ended January 31, 2015 and February 1, 2014 did not contain an adverse opinion or a... More