Marvell Technology Stock Surges on $2.5 Billion Sale

Marvell Technology Inc (NASDAQ:MRVL) stock is up 8.4% at $55.27 at last check, following news that the company will sell its automotive ethernet business to Infineon Technologies for$2.5 billion in an all-cash traction.Shares are today pacing for their biggest single-day percentage gain since December, but still carry a hefty 50.7% year-to-date deficit. The equity is bouncing off yesterday's 52-week low of $47.09 as it continues to contend with long-term overhead pressure from the 20-day moving average.Ove ...