Did David Einhorn Sell Marvell?

Oct 24, 2012
J. Webster
Comments Off on Did David Einhorn Sell Marvell?

There’s no mention of Marvell in Green Light Capital’s 3rd quarter letter. It’s a bit of a mystery. David Einhorn owned 18,372,247 shares of the stock at one time. But the stock has been taken to the wood shed, nearly chopped in half after they cut their guidance the past few quarters, really. The stock trades for $7.60 a share as of this writing. A little over a year ago the stock traded for around $20 a share, then it went to $15 and now it’s down to almost $7 a share. Here are some details for the company’s most recent earnings report.

Marvell Technology Group Ltd. (NASDAQ:MRVL) last Thursday announced that it has lowered its outlook for third-quarter fiscal 2013 net revenue to be in the range of US$765 million to US$785 million, from previous forecast of that between US$800 million to US$850 million. In addition, Marvell announced Clyde Hosein, after four years with Marvell, has resigned as Chief Financial Officer to pursue other opportunities. Brad Feller, Vice President and corporate controller, has been named as interim Chief Financial Officer during a search for Mr. Hosein’s replacement. MRVL made a new 52-week low of US$7.52 in the session. By market close, Marvell shares plummeted 14.31% to close at US$7.57. There were 54.49 million stock shares traded, which was 4.9 times more than average volume. (SacBee)

I’m sure there are quite a few investors digging through the letter to find any sign of what David Einhorn did with his Marvell shares? As far as we can tell, there’s no mention of the stock or any reference to it. You’d think that someone who goes on TV to talk about stock and then gives speeches where he says why he’s buying or selling a certain stock, would owe it to his “followers” to say what he’s doing with a stock that’s been hammered.

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