Plus   Neg

Marvell Technology Boosts Share Buyback Program To $1 Bln - Quick Facts

Marvell Technology Group Ltd. (MRVL), a provider of infrastructure semiconductor solutions, said Tuesday that its Board of Directors has authorized a $700 million addition to the balance of its existing share repurchase program. This will increase the total current repurchase authority to $1 billion.

Marvell's existing share repurchase program had about $307 million of repurchase authority remaining as of October 12, 2018.

Under the program, Marvell may repurchase shares in the open-market or through privately negotiated transactions. The repurchase program may be suspended or discontinued at any time.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Swiss engineering major ABB Ltd. teamed with Italian utility Evolvere to launch a blockchain pilot project to explore transparent, secure peer-to-peer solar energy transactions, media outlet PV Tech reported. The companies will test the potential of blockchain technology in solar systems. The blockchain technology was developed in partnership with Prosume. Shares of Tesla Inc. are losing more than 5 percent in Monday's trading after Wedbush Securities analyst Daniel Ives slashed his price target on the luxury electric car maker's stock, citing "major concerns" around the trajectory of Tesla's growth prospects. In a note to investors, Ives also said he has concerns over underlying demand for Model 3 cars in the U.S. over the coming quarters. Amazon Inc. is leading a new $575 million investment in British food delivery company Deliveroo, intensifying the e-commerce giant's competition with rival Uber and its Uber Eats service. Deliveroo noted that Amazon is set to be the largest investor in the Series G preferred shared funding round. With the latest funding round, Deliveroo has raised $1.53 billion.
Follow RTT