Shares of Marvell Technology Inc (NASDAQ:MRVL) are down 7.7% to trade at $223.87 this morning, following a fiscal 2028 outlook that disappointed investors. The company's recent $12.2 billion deal with Google had driven hopes higher than normal and is overshadowing adjusted fiscal second-quarter earnings of 94 cents on $2.74 billion in revenue -- both of which modestly surpassed estimates.
MRVL has been attempting to bounce back from its late-June swoon to $160. The shares are heading for their first weekly loss of the month, but are still 164% higher on the year.
Short-term options traders have been overwhelmingly bearish toward MRVL, per its Schaeffer's put/call open interest ratio (SOIR) of 1.32, which ranks in the 91st percentile of readings from the last 12 months.
Options traders have wasted no time chiming in. So far 100,000 calls and 72,000 puts have crossed the tape within the first hour of trading, nine times the average intraday rate. Seeing the most action by a long shot is the October 165 put, where new positions are being sold to open.
It's also worth noting the stock's Schaeffer's Volatility Scorecard (SVS) sits at a high 82 out of 100. In simpler terms, this indicates that the stock has tended to exceed option traders' volatility expectations during the past year.
