Closing Bell: Marvell Surges on Nvidia Deal, Delta Rises, McCormick Sinks

On this episode of Stock Movers:

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.

- Marvell Technology (MRVL) shares soared in trading on Tuesday on news that Nvidia will take a $2 billion stake in it. Nvidia, which has made several billion-dollar investments in firms across the artificial intelligence supply chain in recent years, and Marvell also agreed to collaborate on the development of silicon photonics, which use light instead of traditional copper wiring to move data faster and more efficiently. And the companies will work together on ways to better leverage telecommunications networks for AI computing, according to a statement issued Tuesday.

- Delta Airlines (DAL) will use Amazon.com Inc.’s satellites to deliver in-flight Wi-Fi service, a big win for the e-commerce giant’s space business as it vies with Elon Musk’s Starlink for aviation customers. Delta agreed to install the Amazon Leo internet service on 500 aircraft starting in 2028, enabling faster and more reliable internet to support streaming video and messaging, according to a Tuesday announcement from the airline. Shares of Delta rallied.

- McCormick (MKC) shares slipped in trading on Tuesday as the spice company agreed to combine with Unilever’s Foods business in a deal valuing Unilever Foods at about $44.8 billion and at enterprise value for McCormick of about $21.0 billion.

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