Marvell Technology Group Ltd. is in talks to combine operations with Cavium Inc. and a deal could be announced in the next few weeks, according to The Wall Street Journal, which cited people familiar with the matter. Cavium stock is up 14.1% after hours to $77.98, and Marvell shares are up 5.6% to $19.50. As of Friday investors value Cavium at $4.6 billion and Marvell at $9 billion. Cavium makes chips and Marvell makes products for networking, data-center and wireless applications, according to the Journal. Cavium is up 9.3% this year, with the S&P 500 index up 15.2%. Marvell stock is up 33.5% this year.
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.
From:: Stock Market News