Marvell Technology Group Ltd. (NASDAQ:MRVL) plunged 9.60% to $16.47 on an unusual volume of 42.16 million shares compared to a daily average trading of 13.73 million shares. Today it announced fiscal fourth quarter results below expectations, said its board approved another $500 million in share repurchase, and forecast the current quarter's results below estimates as well. Fourth Quarter revenue in the three months ended in January rose 7% to $901 million, missing the average $924 million estimate. EPS of 40 cents was 2 cents shy of expectations.
Central European Distribution Corp (NASDAQ:CEDC) plunged 10.83% to $12.43 on over an unusual volume of 5.79 million shares compared to a daily average trading of 1.13 million shares. Credit Suisse Group downgraded the stock to underperform from outperform, while Moody's Investors Service said it may lower the company's debt rating. The stock today also touched a new 52-week high at $12.27.
VIVUS, Inc. (NASDAQ:VVUS) also plunged 10.35% to $6.32 on a volume of 5.75 million shares compared to a daily average trading of 2.44 million shares after U.S. regulators said there was a risk of birth defects from the drug topiramate, one ingredient in the company's experimental weight-loss drug Qnexa. The stock has been moving within a range of $4.69-$13.68 over the past 52-weeks. So far in the last six months the stock has added 0.96%. The stock touched an intraday low and high of $6.15 and $7.06 respectively.
Cerus Corporation (NASDAQ:CERS) also plunged 13.69% to $2.90 on over an unusual volume of 2.27 million shares compared to a daily average trading of 617,353.00 shares. Robert W. Baird analysts downgraded the stock from Outperform to Neutral. The firm also lowered its price target from $4.00 to $3.00. The stock has been moving within a range of $2.11-$4.01 over the past 52-weeks.
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