Marvell Technology, Inc.’s shares, under the ticker MRVL, nosedived on Friday’s trading as investors reacted sharply to the chip designer’s fourth-quarter financial results and its underwhelming Q1 guidance.

In a surprising turn, Marvell posted a 1% rise in fourth-quarter revenue to $1.427 billion, exceeding the $1.42 billion estimate. Notably, its quarterly earnings of 46 cents per share aligned with analyst projections.

However, the company dampened spirits with its first-quarter revenue forecast of $1.15 billion, plus or minus 5%, falling short of the anticipated $1.371 billion. Additionally, the adjusted earnings estimate for Q1 was set at 23 cents per share, a significant miss compared to the expected 40 cents per share. To appease shareholders, Marvell announced a $3 billion buyback program.

The repercussions of the financial figures were felt heavily in the market, with Marvell Technology’s stock plummeting by 9.6% to $76.91 by the end of Friday’s trading.

Meanwhile, amidst this volatility, other stocks experienced notable movements during the mid-day session.

Gainers in the Market

Ainos, Inc. with the ticker AIMD surged by a remarkable 140% to $2.6899, rebounding from an 18% dip the previous day.

Psyence Biomedical Ltd. trading under PBM soared 139% to $3.0350 following the announcement of Human Research Ethics Committee approval for its Phase IIb study by its subsidiary, Psyence Australia.

Safe and Green Development Corporation (SGD) leaped 138% to $1.57 on the back of financing news related to the Norman Berry Expansion in Atlanta, Georgia.

MIRA Pharmaceuticals, Inc. (MIRA) witnessed a 48.5% climb to $1.36 following a research collaboration announcement for patients struggling with major depressive disorder and post-traumatic stress disorder.

CERo Therapeutics Holdings, Inc. (CERO) saw a robust 35.4% rise to $4.17 and revolved around the publication of preclinical research on CER-1236 targeting Acute Myelogenous Leukemia tumor cells.

Willdan Group, Inc. (WLDN) advanced by 30.4% to $25.89 after surpassing expectations with its fourth-quarter results and offering optimistic FY24 guidance. The company also secured a contract valued at around $30 million to $50 million spanning three years.

The Joint Corp. (JYNT) climbed 29% to $11.80 post-announcement of its fourth-quarter results.

Smith & Wesson Brands, Inc. (SWBI) recorded a 25.8% jump to $16.91 after surpassing projections with its third-quarter financial results.

Research Frontiers Incorporated (REFR) observed a 25.6% upturn to $1.42 following its fourth-quarter results release.

Gulf Island Fabrication, Inc. (GIFI) surged 24.1% to $6.43 on the heels of a year-over-year rise in fourth-quarter revenue figures.

Grifols, S.A. (GRFS) marked a 22.7% gain, reaching $6.89 after publishing its consolidated annual accounts for 2023.

DoubleDown Interactive Co., Ltd. (DDI) advanced by 21.6% to $14.25.

Dogness (International) Corporation (DOGZ) surged by 18.6% to $7.98.

Kidpik Corp. (PIK) witnessed an 18.3% climb to $3.0177.

America’s Car-Mart, Inc. (CRMT) rose by 16.5% to $72.56 after its third-quarter results were revealed.

Porch Group, Inc. (PRCH) posted a 16.1% hike to $3.6099 following impressive fourth-quarter results and optimistic FY24 guidance.

Samsara Inc. (IOT) saw a 14.3% jump to $39.28 after surpassing projections in its fourth-quarter results and issuing encouraging FY25 guidance.

Viracta Therapeutics, Inc. (VIRX) witnessed a 13.5% gain, reaching $0.9200 after its fourth-quarter results announcement.

Aeva Technologies, Inc. (AEVA) climbed 12.6% to $1.34.

Adaptimmune Therapeutics plc (ADAP) gained 12.1% to $1.95 post-reporting better-than-expected quarterly EPS results.

HCI Group, Inc. (HCI) surged by 11.3% to $110.42 subsequent to its financial disclosures.