Marvell Lifts 2028 Revenue Forecast to $20 Billion; Seagate Falls on TDK Bidding Contest

TipRanks··USJPCA·Read original
3▲3 ▼2Impact / 5
Summary · why it matters

Marvell Technology raised its 2028 revenue forecast to approximately $20 billion from an earlier projection of $18 billion, citing strong demand for chips used in artificial intelligence data centers, sending its shares up 8% on Tuesday. Seagate fell 9.5% after TipRanks reported that market participants grew cautious over a multibillion-dollar acquisition bidding contest against Toshiba for TDK's magnetic-heads unit. Amentum Holdings rose 3% after BNP Paribas Exane analyst Matthew Akers upgraded the stock to Neutral. B&G Foods fell 2.6% after the company and Nortera Foods terminated their asset purchase agreement to sell Green Giant Canada after failing to receive regulatory approval. Freshworks rose 5.4% after S&P Dow Jones Indices announced that the company will be added to the S&P SmallCap 600.

Impact on assets 7

Artificial Intelligence▲
Freshworks Inc
FRSH
▲ PositiveCapitalrelevance

S&P Dow Jones Indices will add Freshworks to the S&P SmallCap 600, lifting shares 5.4%.

Defense & Geopolitical Fragmentation▲
Consumer Staples▼
B&G Foods Inc
BGS
▼ NegativeRegulationrelevance

B&G Foods and Nortera terminated the Green Giant Canada sale after failing to get regulatory approval.

Cloud & Digital Infrastructure▼
Seagate Technology PLC
STX
▼ NegativeCapitalrelevance

Seagate fell 9.5% as investors grew cautious over a multibillion-dollar bidding contest for TDK's magnetic-heads unit.

Industrials▲
Electrification & Mobility▲

Off-coverage companies 1

Nortera Foodsi
Private± Mixedrelevance