Stocks in the news: Wells Fargo, Marvell Technology, Coca-Cola

Wells Fargo (WFC) announced Friday what's long been expected, that it is cutting its dividend 85 percent from 34 cents per share to 5 cents a share. This would save the fourth-largest U.S. bank $5 billion a year. WFC plans additional cost cuts in 2009, totaling $2 billion. In so doing, WFC has joined other such recent moves from JPMorgan Chase & Co (JPM), PNC Financial Services Group Inc (PNC) and US Bancorp (USB). Approving the move, investors are pushing the shares up over 8.5% in pre-market trade.

Marvell Technology (MRVL) soared over 9% in pre-market trade after the company posted better-than-expected fourth-quarter results. The chipmaker also outlined plans to cut 15 percent of its workforce, or 850 jobs. Several analysts have raised their target price on MRVL.