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Shares of Marvell Technologies Group Ltd. fell 5% late Thursday as the company said it expects its fiscal 2016 net revenue to be “significantly” lower on less demand for its storage products and the restructuring of its mobile platform busness, according to a filing. The company also said it expects a net loss for fiscal 2016 due to charges linked to the company’s settlement of its litigation with Carnegie Mellon University for $750 million, as well as charges related to the restructuring and severance packages for the mobile platform business, to the tune of about $75 million. The company said it is unable to file its annual report on time and is working to complete it “as soon as practicable.” Shares of Marvell had ended the day down 0.1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Tesla Motors Inc. Chief Executive Elon Musk tweeted late Thursday the electric-car maker moved up the start of online reservations for the Model 3 in order to avoid server overload. Online reservations will start at 7:30 p.m. Pacific, one hour earlier than initially scheduled, he said. Tesla is unveiling the Model 3, a sedan expected to cost $35,000 and run 200 miles between charges, at an event later Thursday at its design center outside Los Angeles. The start of the event was kept at 8:30 p.m. Pacific. Meanwhile, thousands lined up at Tesla’s stores worldwide to be first among those dropping $1,000 to reserve their Model 3. Tesla expects to start production of the car in late 2017.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Shares of Starwood Hotels & Resorts Worldwide Inc. fell in Thursday’s extended session following a report from Dow Jones Newswires that China’s Anbang Insurance Group Co. will withdraw from a proposed takeover of the hotel chain. Anbang had been locked in a bidding war for Starwood with Marriott International Inc. that has inflated the offer price to $14 billion, or $82.75 a share. Starwood shares slumped 4.7% in after-hours trading while Marriott International shares skidded 5.2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

U.S. stocks closed down on Thursday but still had one of their best months since October as market sentiment stabilized on a more dovish Federal Reserve. The S&P 500 fell 4 points, or 0.2%, to close at 2,059 for the session and rallied 6.6% in March. The Dow Jones Industrial Average shed 31 points, or 0.2%, to finish at 17,684 for the day and gained 7.1% for the month. The Nasdaq closed up less than a point at 4,869 on Thursday for a monthly rise of 6.8%. For the quarter, the S&P 500 added 0.7% and the Dow advanced 1.5% while the Nasdaq dropped 2.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

U.S. stocks closed down on Thursday but still had one of their best months since October as market sentiment stabilized on a more dovish Federal Reserve. The S&P 500 fell 4 points, or 0.2%, to close at 2,059 for the session and rallied 6.6% in March. The Dow Jones Industrial Average shed 31 points, or 0.2%, to finish at 17,684 for the day and gained 7.1% for the month. The Nasdaq closed up less than a point at 4,869 on Thursday for a monthly rise of 6.8%. For the quarter, the S&P 500 added 0.7% and the Dow advanced 1.5% while the Nasdaq dropped 2.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News