Why Marvell Technology Group's Stock Rose 15.1% in August

Shares of Marvell Technology Group (NASDAQ: MRVL) gained 15.1% in August, according to data from S&P Global Market Intelligence. The surge was driven by a stellar second-quarter earnings report, and the stock has now soared 43% higher over the past 52 weeks.

The maker of storage and networking controller chips saw sales rising 1% year over year in the second quarter, stopping at $605 million. On the bottom line, adjusted earnings jumped 67% higher to land at $0.30 per share. Analysts were only looking for earnings of $0.28 per share on revenues near $601 million. Share prices rose more than 10% higher the next day and haven't looked back since then.

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Source: Fool.com