Marvell Technology Group Ltd. (NASDAQ:MRVL) has been upgraded to a ‘Buy’ rating by Bank of America analysts following the company’s fourth quarter earnings report, as investors reacted positively to the company’s outlook and growth initiatives.
The firm also raised its price target on the stock to $110 from $90, as the stock jumped almost 20% to $90.
Shares of Ciena Corporation (NYSE:CIEN) rose 3.3% Friday after Bank of America upgraded the optical networking company to Buy, citing surging demand from cloud data centers.
The upgrade reflects expectations of continued strong spending by cloud providers, including hyperscalers, Tier-2 clouds, and emerging “Neoclouds,” which are adding significant data center capacity over the next three years. Bank of America said Ciena’s portfolio, which includes 800G and 400G pluggables, line systems, and its recent acquisition Nubis, is well-positioned to capitalize on these growth opportunities.
Rumble Inc (NASDAQ:RUM) saw its shares fall almost 15% following the release of its fourth quarter earnings, as revenue declined year-over-year and miss Wall Street expectations.
The video-sharing platform reported Q4 revenue of $27.1 million, down 10.5% from the same period in 2024 and missing estimates of $29 million.
Gap Inc (NYSE:GPS) shares fell nearly 14% after the retailer reported fourth-quarter results that came in slightly below Wall Street expectations.
The apparel company posted earnings per share of $0.45, missing the $0.46 consensus estimate, while revenue totaled $4.23 billion, slightly below analyst forecasts of $4.24 billion.
Kavango Resources PLC (LSE:KAV, OTC:KVGOF), the LSE-listed Southern Africa metals explorer and gold producer, rose 18% to 0.88p on Friday after raising approximately $8.4 million through share subscriptions in the UK and Zimbabwe.
The company placed 629,991,138 new shares at £0.01 each, a price representing a 33% premium to the previous day's closing mid-market price, across both the London Stock Exchange and the Victoria Falls Stock Exchange (VFEX) in Zimbabwe.
New Frontier Minerals Ltd (ASX:NFM, FRA:7OR0, OTCQB:NFMXF), the LSE and ASX-listed critical minerals explorer, fell 26% to 0.625p on Friday despite reporting high-grade tungsten results from its Harts Range project in Australia's Northern Territory.
Initial drilling at the Bank Prospect returned grades of 1,237 parts per million (ppm) tungsten oxide over four metres, including a higher-grade interval of 4,860 ppm over one metre at depth.