10 Stocks Drop Double Digits as Investor Caution Lingers

2. Marvell Technology Inc. (NASDAQ:MRVL)

Marvell Technology dropped its share prices by 19.81 percent on Thursday to end at $72.28 apiece as investors soured on the company’s weak outlook guidance.

For the first quarter of the year, MRVL said it expects sales to hit $1.88 billion, just shy of the $1.87 billion as expected by analysts.

In a research note, Barclays analyst Tom O’Malley said that solid numbers missed the high watermark set by the rest of the AMZN supply chain.

“While the company continues to sound good re: the future of their ASIC prospects, the AMZN numbers near term are a bit lower, which is the real sticking point for a market punishing anything not perfect in AI,” he added.

MRVL is a chipmaker known for creating customized chips and hardware used in data centers, networking, and infrastructure.