Stocks of the Week: Intel, Rubrik, and Marvell Technology Make Big Moves
As the first week of December comes to a close, major US indices have hit new record closes, with some stocks making significant moves. While not all stocks were positive, three companies made notable gains. Intel, Rubrik, and Marvell Technology were the standouts.
Intel Struggles Ahead of New Leadership
Intel’s CEO, Pat Gelsinger, announced his retirement, sending the stock 0.5% lower despite an initial 2.5% surge. News outlets reported that Gelsinger was forced out due to his “costly and ambitious plan” not yielding the desired results. BofA noted that the transition is “not a complete surprise” as the company’s cost pressure persists.
Rubrik Shares Soar Following Earnings
Rubrik’s shares skyrocketed by over 26% after the company reported impressive quarterly earnings. The company reported a narrower-than-expected loss per share and stronger-than-expected revenue, exceeding consensus estimates. BMO Capital Market raised its target price to $72 and reiterated an Outperform rating.
Marvell Technology’s Impressive Earnings Report
Marvell Technology’s shares gained 23.2% after the company’s earnings release, beating analyst estimates for both EPS and revenue. The company reported Q3 EPS of $0.43, exceeding the consensus estimate, and revenue came in at $1.52 billion, beating expectations. Goldman Sachs raised its price target to $115 and maintained a Buy rating on the stock, citing the company’s strong revenue growth in its Data Center business.