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Marvell Technology Group Inc. shares dropped in the extended session Monday after the chip maker’s accounting firm resigned. Marvell shares fell 7.9% to $8.70. In a filing with the Securities and Exchange Commission Monday, Marvell said PricewaterhouseCoopers had resigned as the company’s accounting firm on Oct. 20. Marvell said that while PwC did not issue an “adverse opinion” for audits of the past two fiscal years, the accounting firm advised the company to expand the scope of its 2016 audit to examine the flow of information from senior management, controls over cash reserves, and whether the company had adequate staff for financial reporting.

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Internet and media company IAC InterActive Corp. said Monday it earned $65.6 million, or 74 cents a share, in the third quarter, down from $326.8 million, or $3.68 a share, a year ago. Sales rose 7% to $838.6 million, up from $782.2 million a year ago. Analysts polled by FactSet had expected the company to report earnings of 50 cents a share on sales of $805 million. Revenue from IAC’s Match Group, parent of several internet dating sites such as Tinder and OK Cupid, grew 19%, IAC said. The Match Group’s adjusted earnings rose 37% year-on-year as the number of paying subscribers rose 16% to 4.17 million in the quarter, from 3.6 million a year ago. The group filed for an initial public offering last week, seeking to sell at least $100 million worth of shares. IAC said the IPO will be completed by the end of the year. IAC shares rose as much as 11% in late trading Monday, but lately rose 3.2% after ending the regular session down 1.6%.

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Hartford Financial Services Group Inc. shares dropped in the extended session Monday after the insurer’s earnings fell short of Wall Street estimates. Hartford shares dropped 6.9% to $45.45. The company reported third-quarter earnings of 90 cents a share on revenue of $4.56 billion. Analysts surveyed by FactSet had estimated 99 cents a share on revenue of $4.55 billion.

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Shares of Broadcom Corp. rose in Monday’s extended session after the chipmaker reported better-than-expected quarterly results. Broadcom said its third-quarter earnings rose to $429 million, or 69 cents a share, from $98 million, or 16 cents a share, a year earlier. On an adjusted basis, the company would have earned 77 cents a share, ahead of the 73 cents a share forecast by analysts in a FactSet survey. Revenue fell to $2.19 billion from $2.26 billion. Broadcom is in the process of being bought out by Avago Technologies Ltd. , the former semiconductor unit of Hewlett-Packard Co., for $37 billion. The sale is expected to be finalized in the first quarter. Broadcom shares rose 1.2% in after-hours trading.

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From:: Stock Market News

U.S. stocks closed mostly lower on Monday, weighed down by a sharp selloff in energy shares. The S&P 500 closed 4.03 points, or 0.2%, lower at 2,071.12, while the energy sector lost 2.5%. The Dow Jones Industrial Average fell 24.39 points, or 0.1%, to 17,622.31. The Nasdaq Composite eked out a small gain, adding 2.84 points, or less than 0.1%, to 5,0340.70.

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Shares of Twitter Inc. rose Monday with the social media company slated to report quarterly earnings late Tuesday. Analysts surveyed by FactSet project the microblogging site to earn 5 cents a share on revenue of $560 million, up from earnings of a penny a share and revenue of $361 million a year earlier. Twitter climbed 1.8% to $30.83 and the stock is up more than 9% since Jack Dorsey was officially named as chief executive on Oct. 5.

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Congress and the White House are making progress on a two-year budget deal, according to Politico. White House officials and Republican negotiators spent the weekend working on an agreement that could take the threat of a government shutdown off the table through the 2016 election, Politico said. There are separate talks on a measure to lift the U.S. debt ceiling. Treasury Secretary Jacob Lew has urged Congress to raise the limit as soon as possible and says the government will be close to running out of borrowing power on Nov. 3.

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Mars Food, the company behind Uncle Ben’s and Seeds of Change, has committed to sustainably source 100% of its rice by 2020, it said in a release. The company will use a new global standard for sustainable rice, which was created by the Sustainable Rice Platform (SRP), an international alliance of agricultural research institutions, agri-businesses and other organizations, the United Nations Environment Program and the International Rice Research Institute (IRRI). Mars Food, through its partnership with the SRP, played a role in developing the sustainability standard, which covers categories including worker safety, biodiversity and productivity. The standard will be used to assess Mars Foods’ supply chain, starting with pilot programs in Pakistan and India. Rice is a staple food for nearly half of the world’s seven billion people, Mars Food said in a statement, and provides livelihoods for 140 million small farmers. Mars Food is part of Mars, Inc. the private, family-owned business whose brands include M&Ms and Pedigree pet food.

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WASHINGTON (MarketWatch) — The Securities and Exchange Commission fined DBRS Inc. $6 million for allegedly misrepresenting surveillance methodology for ratings of mortgage-related products. The SEC said DBRS misrepresented it would monitor on a monthly basis each of its outstanding ratings of U.S. residential mortgage-backed securities and re-securitized real estate mortgage investment conduits by conducting a three-step quantitative analysis and subjecting each rating to review by a surveillance committee. The firm did not conduct the analysis on a monthly basis nor did it present each rating to the surveillance committee each month, and when the committee convened it reviewed only a limited subset of the outstanding RMBS and Re-REMIC ratings, the SEC said in a statement. DBRS did not admit or deny the findings.

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Whirlpool Corp. was upgraded to strong buy from market perform at Raymond James, which set a price target of $185. Raymond James said in a note that Whirlpool’s exposure in emerging markets, particularly Brazil, is declining. North American margins of about 11% are “at or near a peak,” according to the note. Raymond James, which is also raising its 2015 adjusted earnings per share estimate to $12 from $11.50, calls Whirlpool an “inexpensive stock.” Whirlpool shares are down 16.5% for the past three months. The S&P is down 0.3% for the same period.

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