business

By Carla Mozee

Marvell (MRVL:marvell technology group ltd ord
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Last: 7.52-0.06-0.79%

4:00pm 03/05/2009

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MRVL 7.52, -0.06, -0.8%) shares gained 8.9% to $8.19. The company reported a fourth-quarter loss of $65 million, or 11 cents a share, from $1.3 million, or breakeven on a per-share basis, in the year-ago period. Excluding one-time items, the communications chip provider said it would have reported earnings of 5 cents a share.
Sales were $512.9 million, down from $844.7 million last year. Analysts surveyed by Thomson Reuters had expected earnings of a penny a share on sales of $511 million.
Gross margin, a gauge of profitability, improved to 50.7% from 48.1% in the year-ago period. But the company said it believes "the current economic climate will not substantially improve over the short term," said Marvell Chief Executive Sehat Sutardja in a statement.
The company outlined plans to reduce its global workforce by about 15%, a move that will affect 850 employees and result in related charges of $20 million.
Citigroup (C:Citigroup Inc
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Last: 1.02-0.11-9.73%

6:40pm 03/05/2009

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C 1.02, -0.11, -9.7%) shares were up 1% at $1.03, and have dipped down to $1. Citi shares finished the regular session with a loss of 9.7% after hitting an all-time low of 97 cents, pummeled on concerns about the future of the company and as banking stocks tumbled.
Late-traded shares of J.P. Morgan Chase & Co. (JPM:JPMorgan Chase & Co
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Last: 16.60-2.70-13.99%

4:01pm 03/05/2009

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JPM 16.60, -2.70, -14.0%) were up 0.4% at $16.66 and Bank of America shares (BAC:bank of america corporation com
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Last: 3.17-0.42-11.70%

6:40pm 03/05/2009

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BAC 3.17, -0.42, -11.7%) rose 1.3% to $3.21.
The KBW Bank exchange-traded fund (KBE:KBW Bank ETF
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Last: 9.54-1.23-11.42%

4:00pm 03/05/2009

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KBE 9.54, -1.23, -11.4%) , which gauges the country's largest banks, ticked up 0.5% in light volume following an 11% drop on Thursday. See Financial Stocks.
The Nasdaq Composite Index (COMP:Nasdaq Composite Index
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Last: 1,299.59-54.15-4.00%

5:15pm 03/05/2009

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COMP 1,299.59, -54.15, -4.0%) closed the regular session down 4% and the S&P 500 Index ($SPX:S&P 500 Index
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Last: 682.55-30.32-4.25%

5:00pm 03/05/2009

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$SPX 682.55, -30.32, -4.2%) slid 4.3% to 682.55 as investors also braced for Friday's jobs report for February, which is expected to show the largest nonfarm payroll loss in nearly 60 years.
Economists surveyed by MarketWatch expect payrolls to fall by 650,000, and project the unemployment rate to rise to 8% from 7.6%.

source:MarketWatch

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