Marvell Technology falls after S&P 500 inclusion snub

Shares of chipmaker Marvell Technology MRVL.O drop 3.4% to $95.6 premarket

Late on Friday, S&P Dow Jones Indices announced that Carvana CVNA.N, CRH CRH.Nand Comfort Systems USA FIX.N will join S&P 500 index

Earlier on Friday, MRVL was one of the largest S&P 500 eligible new add by market capitalization alongside CVNA and CRH

Stephens analyst Melissa Roberts expected MRVL to join S&P 500 .SPX index after co reported positive GAAP earnings and cleared financial viability requirement for eligibility

MRVL jumped more than 10% last week after announcing $3.25 bln deal to acquire semiconductor startup Celestial AI

As of last close, MRVL down more than 10% YTD vs more than 46% rise in Philadelphia SE Semiconductor Index .SOX