Marvell Technology shares plunge on news of an internal probe. The firm disclosing today that it has launched an internal investigation into its revenue recognition practices. The company also says it will report a loss in the second quarter. Shares tumbled 16 percent to $8.84.
Target & Cherokee
Target is cutting ties with the apparel maker Cherokee. The retailer decided not to renew its license with the company, which expires in 2017. That’s a big blow to Cherokee, which got nearly half of its total revenue from Target last year. Cherokee slid 38 percent to $14.82. Target rose one percent to $77.88.
Kroger saw its earnings rise 25 percent last quarter as sales were better than expected. The grocery chain also hiked its full-year outlook. Shares jumped five percent to $37.29
Mattress Firm disappointed with a miss on both the top and bottom lines. The company also slashed its full-year earnings outlook blaming uncertainty in the oil markets as one of the reasons. Shares plunged 23 percent to $46.24.