Marvell Technology (NASDAQ:MRVL) shares climbed in after-hours trading on Friday after the chipmaker secured a spot in the S&P 500 index.
S&P Dow Jones Indices said Friday that the chipmaker will join the benchmark index before markets open on June 22, replacing pool equipment distributor PoolCorp (NASDAQ:POOL).
Marvell shares closed Friday down 16.7% at $263.47 and in after-hours trading, it rose 3.5% to $272.78, according to Benzinga Pro.
Marvell's inclusion follows a key financial milestone: the company has achieved profitability under generally accepted accounting principles, or GAAP, both in the quarter ended December and across its most recent four quarters combined.
Something went wrong.
