Marvell Technology (MRVL) calls are seeing early selling, as some players take off bullish positions ahead of a May 29 earnings release. Shares are trading down 50 cents to $13.96 after Goldman Sachs downgraded the stock to Neutral from Buy. Firm says that the first quarter will be followed by a more difficult second half. Call buying picked up on May 13th after Friedman Billings analysts said they would be buyers of the stock ahead of the May 29 earnings release. However, given todays downgrade and the stocks lackluster action of late, some of those bullish trades are probably being unwound. The June 15 calls, which were the subject of most of the buying interest on the 13th, are again the most actives, with more than half of todays trading hitting on the bid.
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.