NewsMV
A chip agreement between Marvell Technology and Google is in focus for semiconductor traders, with Marvell (MRVL) jumping on the news while Broadcom (AVGO) fell during the same session.
The term sitting in the tape: Google will get the option to purchase approximately $12 billion worth of Marvell stock.
The next piece to watch is the definitive agreement filing that would detail the exercise conditions on that option. The session spread told a competitive story before the full terms were public.
Both names moving in opposite directions on the same catalyst is the kind of read that says the market concluded volume was moving from one supplier to another.
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