Marvell Technology Group Ltd. , the maker of chips for personal computers and mobile phones, rose as much as 11 percent in extended trading after projecting higher quarterly sales than analysts had estimated.
U.S. stocks fell for the third time in four days as American International Group Inc.’s profit disappointed investors and Twitter Inc. slumped. The euro and Spanish bonds gained on signs economies are strengthening.
David Einhorn, the hedge-fund manager who warned of a bubble in technology stocks two weeks ago, refined his stance by saying he’s bullish on the industry and that companies including Apple Inc. look underpriced.
U.S. equity gauges rose to records, with the Standard & Poor’s 500 Index posting its biggest annual advance since 1997, as gains in consumer confidence and housing prices bolstered confidence in the world’s largest economy.
David Einhorn’s Greenlight Capital Inc. sold its entire stake in General Motors Co. during the first quarter, a period when the carmaker spent $1.3 billion related to the recall of millions of vehicles.