Monte dei Paschi di Siena's board will meet on Friday to discuss an investigation by Milan prosecutors into the Italian bank's CEO Luigi Lovaglio and its top two shareholders, a person with knowledge ... ...

Market Overview - U.S. stock futures rose on Wednesday following modest advances on Tuesday, with major benchmark indices showing higher futures [1] - The 10-year Treasury bond yielded 4.08%, while the two-year bond was at 3.49%, with an 87% likelihood of the Federal Reserve cutting interest rates in December [2] - Key index performances included Dow Jones up 0.21%, S&P 500 up 0.16%, Nasdaq 100 up 0.10%, and Russell 2000 up 0.37% [2] Company Performance - **Marvell Technology Inc. (NASDAQ:MRVL)** saw a significant increase of 9.83% after reporting better-than-expected third-quarter results and announcing the acquisition of Celestial AI [6] - **CrowdStrike Holdings Inc. (NASDAQ:CRWD)** dropped 2.36% despite exceeding financial expectations for the third quarter and raising its full-year guidance [6] - **American Eagle Outfitters Inc. (NYSE:AEO)** climbed 12.71% after reporting third-quarter revenue of $1.36 billion, surpassing analyst estimates of $1.32 billion, and adjusted earnings of 53 cents per share, beating estimates of 44 cents [6] - **Salesforce Inc. (NYSE:CRM)** was up 0.55% as analysts expect quarterly earnings of $2.86 per share on revenue of $10.27 billion [5] Analyst Insights - BlackRock maintains a "pro-risk" investment stance, favoring U.S. equities due to a softening labor market that may allow for further Federal Reserve rate cuts [10] - The firm describes the current employment landscape as a "no hiring, no firing" stasis, which supports the Fed's ability to pursue "risk management" cuts without reigniting inflation [10] - BlackRock believes the Fed has room to ease policy without raising concerns about inflation and debt sustainability, supporting a positive outlook for risk assets heading into 2026 [12]

TD Cowen将迈威尔科技的目标价从85美元上调至100美元，维持"持有"评级。 本文源自：格隆汇 此外，迈威尔科技宣布，将以现金和股票交易的方式收购芯片初创公司Celestial AI，交易估值约为32.5 亿美元。分析指，迈威尔科技通过获取Celestial AI领先的光子互联技术，来强化其在AI数据中心连接领 域的竞争力，并与英伟达和博通竞争。 迈威尔科技(MRVL.US)盘前大涨近10%，报102美元。消息面上，迈威尔科技公布2026财年第三季度业 绩，营收为20.8亿美元，同比增长37%，略高于市场预期的20.7亿美元；调整后每股盈利为76美分，亦 高于市场预期的74美分。期内数据中心收入为15.2亿美元，同比增长38%，略高于市场预期的15.1亿美 元。公司预计第四财季收入为22亿美元，调整后每股盈利为79美分，均符合市场预期。 ...

NEW YORK (AP) — U.S. stocks rose near their record levels on Wednesday as mixed data on the economy kept alive hopes that a cut to interest rates is coming soon. The S&P 500 gained 0.3% and pulled within 0.6% of its all-time high set in late October. The Dow Jones Industrial Average climbed 408 points, or 0.9%, and the Nasdaq composite added 0.2%. The biggest jump in the S&P 500 came from Microchip Technology, which leaped 12.2% after saying it expects sales and profit for the final months of the year to ...

Group 1: Market Overview - European stocks are expected to open flat to slightly higher as investors await key U.S. economic data that could influence the Federal Reserve's rate decision next week [1] - Asian markets showed mixed results, with Japan and South Korea gaining while Chinese and Hong Kong markets declined due to weak services data and property stress [4] - U.S. stocks ended higher, with the Nasdaq Composite rising by 0.6%, the Dow gaining 0.4%, and the S&P 500 adding 0.3% after recovering from previous losses [7] Group 2: Economic Indicators - The ADP report on private sector employment is anticipated to show an increase of 10,000 jobs in November, following a rise of 42,000 jobs in October [1] - Reports on service sector activity, personal income and spending, and consumer sentiment are expected to attract investor attention in the coming days [2] - The delayed September Personal Consumption Expenditures (PCE) Index, the Fed's preferred inflation gauge, is due on Friday, with a hotter-than-expected reading potentially reviving concerns about elevated rates [2] Group 3: Company Performance - Marvell Technology's shares jumped over 10% after the company provided an optimistic outlook for its data [4] - American Eagle Outfitters' stock soared by 11% following strong Q3 results and an increased full-year forecast [4] Group 4: Global Economic Context - A private survey indicated that growth in China's services sector fell to a five-month low in November, contributing to bearish sentiment towards China Vanke Co., which is facing a decade-high level of bearish bets as it seeks to delay a bond repayment [5] - The dollar index decreased while gold prices increased as investors prepared for a widely expected Federal Reserve interest-rate cut next week [5]

Core Viewpoint - Marvell Technology Inc. shares experienced a significant increase in late trading following the company's reassurances regarding the growth of its custom chip business and the announcement of a multibillion-dollar acquisition [1] Group 1: Company Performance - The semiconductor company highlighted strong momentum in its custom chip business, which contributed to investor confidence [1] - The announcement of a multibillion-dollar acquisition is expected to further enhance the company's market position and growth prospects [1] Group 2: Market Reaction - Following the positive news, Marvell Technology Inc. shares rallied sharply, indicating strong investor interest and confidence in the company's future [1]

Core Viewpoint - Marvell Technology's guidance for data center business growth exceeding 25% year-over-year for the next fiscal year significantly surpassed expectations, leading to a surge in stock price, indicating investor confidence in the long-term growth prospects of AI hardware rather than short-term performance [1][4]. Financial Performance - Marvell reported a third-quarter adjusted EPS of $0.76 and revenue of $2.08 billion, slightly above analyst expectations of $0.74 EPS and $2.07 billion revenue, with data center revenue growing 38% year-over-year to $1.52 billion, slightly exceeding Wall Street's forecast of $1.51 billion [6]. - The company provided a cautious outlook for the fourth quarter, expecting adjusted EPS of $0.79 and revenue of $2.2 billion, aligning closely with analyst predictions but failing to deliver a surprise [6]. Market Reaction - Initially, the stock price fell by 5% following the earnings report due to the conservative fourth-quarter outlook, but it rebounded sharply after CEO Matt Murphy's optimistic data center growth forecast, with post-market trading showing an increase of up to 14% [3][5]. - The strong guidance for data center revenue growth acted as a catalyst for restoring investor confidence in Marvell as a specialized custom chip manufacturer [4]. Acquisition Plans - Murphy indicated that the optimistic growth forecast does not account for the recently announced acquisition of AI startup Celestial AI for approximately $3.25 billion in cash and stock [7]. Market Dynamics - Despite a significant 83% increase in stock price in 2024, Marvell's stock has declined by 16% year-to-date, reflecting market skepticism regarding its ability to secure long-term orders amid intense competition [8]. - The market's divergence centers on the outlook for custom ASIC chips, with UBS analyst Timothy Arcuri noting that investors view the situation as a binary outcome—either securing orders or facing exit [8]. - Arcuri believes that most clients are diversifying their supply chains, which could benefit companies like Marvell, and currently rates Marvell as a "buy" with a target price of $110 [8].

Group 1 - Marvell has announced a definitive agreement to acquire Celestial AI for a total consideration of $3.25 billion, consisting of $1 billion in cash and $2.25 billion in Marvell common stock [1] - The transaction is expected to close in the first quarter of the 2026 calendar year, subject to customary closing conditions and regulatory approvals [1] - Marvell anticipates that Celestial AI will begin to contribute significantly to revenue in the second half of fiscal year 2028, with an annualized revenue run rate of $500 million by the fourth quarter of fiscal year 2028, and doubling to $1 billion by the fourth quarter of fiscal year 2029 [1] Group 2 - Celestial AI has developed a disruptive photonic Fabric technology platform, which will enable Marvell to become the most comprehensive provider of high-bandwidth, low-power, and low-latency solutions in the industry [3] - The acquisition is aimed at supporting next-generation data center interconnects [3]

Core Insights - Marvell has reached a final agreement to acquire Celestial AI for approximately $3.25 billion, which includes $1 billion in cash and $2.25 billion in Marvell common stock [1][2] - The acquisition is expected to enhance Marvell's position in the AI and cloud data center connectivity market, with significant revenue contributions anticipated from Celestial AI starting in the second half of fiscal year 2028 [1][2] - Celestial AI's technology focuses on photonic interconnects, which are expected to provide high bandwidth, low latency, and energy efficiency, making them suitable for large AI clusters [6][8] Acquisition Details - The deal includes an additional contingent payment of up to 27.2 million shares of Marvell common stock, valued at up to $2.25 billion, based on revenue milestones achieved by Celestial AI [1][2] - The transaction is expected to close in the first quarter of 2026, pending customary closing conditions and regulatory approvals [2] Financial Projections - Marvell anticipates that Celestial AI will generate a run rate of $500 million by Q4 of fiscal year 2028, doubling to $1 billion by Q4 of fiscal year 2029 if certain revenue milestones are met [1][2] Strategic Importance - The acquisition is seen as a strategic milestone for Marvell, reinforcing its technological leadership and expanding its potential market in scalable connectivity [2] - Marvell's CEO emphasized that the acquisition will accelerate the company's roadmap to provide a comprehensive connectivity platform for AI and cloud customers [2] Technology Overview - Celestial AI's photonic interconnect technology is designed to allow large AI clusters to scale easily, offering energy efficiency that is more than twice that of copper interconnects [6][8] - The technology is expected to support high-performance, low-power, and low-latency solutions, which are critical for next-generation data center architectures [5][6] Market Context - The demand for scalable, high-performance cloud platforms is driving the need for differentiated technology solutions, with photonic interconnects playing a crucial role in future AI infrastructure [3][5] - Marvell's custom chip business is projected to experience accelerated growth, with new customers including emerging hyperscale data center operators [3]

Marvell Technology, Inc. (NASDAQ:MRVL) reported earnings per share (EPS) of $0.76, surpassing the estimated $0.75, indicating efficient cost management and profitability.The company's reported revenue of approximately $2.07 billion exceeded expectations, showcasing strong demand for its products.Marvell's price-to-sales and enterprise value ratios reflect investor confidence in its future sales potential and strategic market positioning.Marvell Technology, Inc. (NASDAQ:MRVL) is a key player in the semicondu ...