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Elev8 broker launches 'Month of Golden Opportunities' with gold spreads down 23% to 2.4 pips

Wall Street Braces For Biggest Treasury Sales Overhaul In Years

AI Fears, Elections, Earnings Make a Combustible Week — Barrons.com. By Callum Keown Good morning and welcome to a week of monumental market catalysts to kick off the new month. November is starting in a positive mood after the brutal AI selloff last week, but a fresh set of challenges faces investors. Investors will be glad to see the back of October, following the Nasdaq's 5% monthly fall after reports from Amazon, Alphabet, and Intel hurt tech stocks badly last week. But earnings will play a big part again with Apple the first big name to post after the close Monday, fresh from surpassing Nvidia to reclaim the title of the world's most valuable company. Apple has become an anti-AI play but earnings from Advanced Micro Devices, Palantir, Super Micro, Qualcomm, and more will add fuel to the AI debate one way or the other. Then there are the midterm elections on Tuesday, which could have major implications for energy, healthcare and other sectors. And we will round off the week with October's jobs report. The mood is upbeat to start the week, in stark contrast to Friday, with tech enjoying a rebound. But how long that can last is the big question facing markets. You can subscribe to the Barron's Daily newsletter here. We want to hear from you! Send your feedback to thebarronsdaily@barrons.com. 📈 Here's what's happening in markets today: Stock futures are rising. Midterm elections and more earnings loom. Apple, SpaceX, Intel, Palantir, and more stocks that explain today's market. Micron stock bounces back, but the market needs more as AI fears linger. SpaceX looks to disrupt telecom the old-fashioned way. Nvidia rebounds, but its stock chart is looking really ugly. Why Bitcoin is shrugging off the $6.3 billion Binance hack. Estée Lauder is finally moving past recovery mode. Apple needs flawless results to defend its $5 trillion crown. Palantir has to top itself again for the stock to keep going. 🎙? Be sure to tune into today's Barron's Live Join Barron's Senior Managing Editor Lauren R. Rublin and Investor Circle Newsletter Editor Josh Schafer today at noon when they speak with Jeffrey Sherman, deputy chief investment officer of DoubleLine, about the macro backdrop for bond investing, where he's finding value now, and what to expect from the Fed. Sign up here. Join us on Dec. 10 at noon for a Barron's Roundtable featuring discussions with Wall Street strategists and money managers about the outlook for stocks, bonds, interest rates, and policy in the year ahead, and the best ways to navigate an uncertain investment landscape. Reserve your spot here. 🚙 Why China is flooding the world with EVs China's auto industry has so much excess capacity to make cheap, feature-laden electric vehicles and hybrids that it threatens car companies and their stocks everywhere. The country is exporting 10 million vehicles this year, up from one million in 2020. BYD alone has exported 1.5 million of them so far. Read more about it here. 🗳? A contested election won't derail the markets Polls show Republicans facing a rout in the midterm elections on Tuesday. Some investors are nervous about another possibility: What if the election outcome isn't immediately known? History shows investors don't have much to worry about. Read more about what markets have in store here. 🏡 The housing market is a mess, so why aren't prices rising? The housing market is struggling with the lowest builder sentiment in 14 years, and the lowest pending home sales on record for September after mortgage rates climbed to their highest level in three years. But economists tell Barron's that house prices will likely flatten out, or keep rising. Read more about it here. 📅 Put it on your calendar Every Monday morning Barron's publishes a rundown of what's coming up for investors in the week ahead. Don't miss out on earnings reports, inflation data, and anything that could move the markets. On the agenda: Apple earnings Midterm elections Jobs report for October 🏦 How to borrow against your securities portfolio Wall Street is encouraging securities-based lending to retail investors with attractive lending rates in the 5% to 6% range — and significant credit lines that can top 70% of portfolio values, allowing anyone to use leverage like Oracle co-founder Larry Ellison. Read about it here. 📰 Don't miss out on our other newsletters Review & Preview: Ending on a Down Note Retirement: The Only Annuities Worth Buying Energy Insider: These Stocks Have the Muscle to Power AI 🥞 Wendy's, IHOP face take-private bids. Success isn't easy. Private-equity firms are targeting struggling U.S. restaurant chains like Wendy's and Dine Brands' IHOP, betting they can acquire the beaten-down businesses, revive their fortunes away from public-market scrutiny, and eventually cash out. But a successful turnaround is not guaranteed. Read more about the trend here. 💬 Quote of the day: Other headlines moving markets: While the AI trade is troubled, Microsoft retains its fans. Mattel and 4 more stocks see action from activist investors. Oil giants are raking in cash. Here's what they'll do with it. Tech earnings send SpaceX stock below IPO price. No one met Elon Musk's high bar. SEC says fake advisors used bogus federal filings in $100 million crypto scheme. How this under the radar quantum stock could more than double. Billions of dollars in cryptocurrency was just stolen. Should investors be worried? Why rich Brazilians are flocking to Miami. Alphabet's convertible preferreds are now over 7.5%. There's a catch. The Fed is focused on inflation, but the labor market needs attention, too. Fed officials signal more interest rate increases ahead, and markets believe them. Cruise stocks had a great weak. They can keep steaming ahead. Cybersecurity stocks tumble in tech selloff. A crypto theft should have helped. Thirsty for gains? 2 AI stocks that won't leave you high and dry. Charles Schwab's CEO sees bigger role for retail investors in IPOs. The Fed's plan for fewer policy meetings could bring more market whiplash. Stocks are limping into November. A Santa rally would be a true gift. Edited by Liz Moyer, Stacy Ozol, and Patrick O'Donnell This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

Marvell, Lumentum to Combine in $115 Billion Deal. By Connor Hart Marvell Technology and Lumentum will merge in an all-stock deal valued at about $115 billion, including debt, creating what they call a category leader in artificial-intelligence connectivity. Under the terms of the agreement, Lumentum stockholders will receive a fixed-exchange ratio of 4.5 shares of Marvell common stock for each share of Lumentum common stock they own, the companies said Monday. Write to Connor Hart at connor.hart@wsj.com

Vitol CEO: Oil market could see a pretty difficult spring.

VITOL CEO: OIL SYSTEM HAS LOW INVENTORY, LACKS SPARE CAPACITY

Marvell to Buy Lumentum for $115 Billion in All-Stock AI Deal — Update. By Connor Hart Marvell Technology and Lumentum will merge in an all-stock deal valued at about $115 billion, including debt, combining two of the fastest-growing enablers of artificial intelligence. The companies on Monday said the tie-up will bring together complementary electrical and optical technologies to address increasingly complex connectivity requirements across next-generation AI infrastructure. "AI infrastructure is undergoing a fundamental architectural shift toward optical connectivity, creating an opportunity that comes along once in a generation," Marvell Chief Executive Matt Murphy said, adding that the deal will help to shape the next era of AI connectivity. Under the terms of the agreement, Lumentum stockholders will receive a fixed-exchange ratio of 4.5 shares of Marvell common stock for each share of Lumentum common stock they own, the companies said Monday. The deal represents an implied value of about $1,132 per share of Lumentum common stock and a premium of roughly 24% based on each company's unaffected closing share price as of Oct. 28--the last trading day before market speculation regarding a potential transaction began, the companies said. Following the deal's close, current Marvell stockholders will own about two-thirds of the combined company on a fully diluted basis, while Lumentum stockholders will own roughly one-third. Shares of Lumentum climbed 2.5%, to $861.40, in premarket trading. Marvell Technology's stock ticked 0.7% higher, to $197.80. Write to Connor Hart at connor.hart@wsj.com

OIL DEMAND WILL TAKE YEAR TO RECOVER TO 2025 LEVEL: VITOL CEO

Vitol CEO: Oil demand will take year to recover to 2025 level.

【最新内容：zerohedge @zerohedge · 2026-11-02T12:36:20.000Z】 *FITCH SAYS ORACLE'S CAPITAL RAISE IS AT $20B, INCL $10B EQUITY 【引用内容：zerohedge @zerohedge · 2026-11-02T12:32:11.000Z】 *ORACLE CORP FILES MIXED SHELF And the debt/equity flood resumes. ORCL stock slides

VITOL CEO SAYS AT END 2026 WE WILL FIND DEMAND HAS SHRUNK BY ABOUT 3 MLN BBLS PER DAY VITOL CEO SAYS WORLD CANNOT COPE WITH A LARGER DISRUPTION THAN TODAY’S

Marvell and Lumentum Agree to a Tie-Up — WSJ. By Connor Hart Marvell Technology and Lumentum will merge in an all-stock deal valued at about $115 billion, including debt, creating what they call a category leader in artificial-intelligence connectivity. Marvell investors seemed less than excited about the prospect of the deal last week, when Bloomberg reported an agreement was near. The stock tumbled 13% after the report was published. The two stocks inched lower in premarket trading today. This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

The maximum Social Security benefit has grown far faster than inflation. For workers claiming at age 70, the top annual benefit has risen 86% in real terms since 1990, from $33,468 to $62,172 in today’s dollars, per Brookings.

POET Technologies Names Giovanni Pacelli Chief Financial Officer. By Colin Kellaher POET Technologies has hired Giovanni Pacelli as the opto-electronic solutions developer's new chief financial officer. POET on Monday said Pacelli succeeds Thomas Mika, who had been the Toronto company's finance chief for the past 10 years. Pacelli joins POET from Silicon Labs, where he had been senior director of finance, the company said. Write to Colin Kellaher at colin.kellaher@wsj.com

$ORCL - *ORACLE CORP FILES MIXED SHELF

*ORACLE CORP FILES MIXED SHELF And the debt/equity flood resumes. ORCL stock slides

Cloud Numbers Are In; This Week the Spotlight Moves to Phones, Laptops and Chips

Cloud Numbers Are In; This Week the Spotlight Moves to Phones, Laptops and Chips. NEW YORK, Nov. 2, 2026 /PRNewswire/ -- Market Updates News Commentary - Microsoft, Alphabet and Amazon reported third-quarter results last week, and the next-session moves in their shares ranged from a fractional dip to a double-digit drop. Attention now turns to consumer hardware: Apple holds its fiscal fourth-quarter results call this afternoon, and Qualcomm, whose largest revenue stream comes from handsets, reports on Wednesday. Active Companies from around the markets with current developments this week include: Apple Inc. ( AAPL ) , Microsoft Corporation ( MSFT ) , Alphabet Inc. ( GOOG ) ( GOOGL ) , Amazon.com, Inc. ( AMZN ) , Qualcomm Incorporated ( QCOM ) . Apple's conference call to discuss its fourth-quarter results is scheduled for Monday, November 2, at 2:00 p.m. PT / 5:00 p.m. ET, according to the company's investor relations site. The comparison investors will be measuring against is the September quarter of 2025, when Apple posted revenue of $102.5 billion, up 8 percent year over year, and diluted earnings per share of $1.85. Qualcomm has said it will publish its fourth-quarter and fiscal 2026 results on Wednesday, November 4, after the close, with a conference call beginning at 1:45 p.m. PT. Last week's reports also showed how quickly spending on property and equipment is climbing. In the quarter ended September 30, Microsoft's additions to property and equipment totaled $39.4 billion, compared with $19.4 billion a year earlier; Alphabet's purchases of property and equipment reached $51.4 billion, up from $24.0 billion; and Amazon's purchases of property and equipment came to $77.3 billion, compared with $35.1 billion. Amazon attributed the year-over-year increase in its trailing twelve-month purchases of property and equipment, net of proceeds from sales and incentives, primarily to investments in artificial intelligence, and said it continues to expect 2026 cash capital expenditures of approximately $220 billion. Component costs are the other thread running through the sector. Qualcomm said in July that input costs are climbing across the semiconductor industry, from wafer fabrication and advanced packaging to memory, and that it is taking steps to reflect those higher costs in its product pricing. Amazon's guidance named supply volatility, including for memory chips, among the factors that could affect its results. Trade policy has also shown up in reported numbers: Apple's June-quarter gross margin of 50.1 percent included a favorable impact of approximately 2 percentage points from tariff refunds. With two hardware reports landing in three days, prices can gap sharply in either direction once the numbers are out. The free Knowledge is Power guide from Stock Preachers, available at market-updates.com/ , shows how to read those post-earnings setups on the chart before deciding what a move means. In other industry developments and happenings in the market this week include: Apple Inc. ( AAPL ) Apple reported on July 30 fiscal third-quarter revenue of $109.4 billion, up 16 percent year over year, and diluted earnings per share of $2.02, up 29 percent, including a favorable impact of $0.11 from tariff refunds. Monday's call is also Apple's first quarterly results call since September 1, 2026, the date the company set in April for John Ternus to become chief executive officer and Tim Cook executive chairman. Ahead of the report, Apple introduced on October 28 a MacBook Pro with a PROLED XDR display built on tandem OLED technology, which also brings Touch capabilities to the Mac for the first time. Pre-orders opened the same day, availability begins Friday, November 6, and the 14-inch model with M5 Pro starts at $2,899 (U.S.). Apple shares closed Friday at $344.63, down 1.23%. "The new MacBook Pro with PROLED XDR Display is a monumental step forward for the Mac," said Johny Srouji, Apple's chief hardware officer. Microsoft Corporation ( MSFT ) Microsoft reported on October 28 revenue of $92.3 billion for the quarter ended September 30, an increase of 19%, with operating income up 21% to $45.9 billion. Diluted earnings per share was $4.92 on a GAAP basis, up 32%, and $4.89 on a non-GAAP basis that excludes the impact from investments in OpenAI, up 18%. Microsoft Cloud revenue rose 30% to $63.9 billion, Azure revenue grew 48%, and commercial remaining performance obligation climbed 73% to $677 billion. Revenue in Devices and Consumer declined 3% to $15.5 billion, with Windows OEM and Devices revenue down 22%. The shares closed at $530.14 on October 29, down 0.16%. "We are delivering greater capability, choice, control, and cost efficiency for customers across our entire stack," said Satya Nadella, chairman and chief executive officer of Microsoft. Alphabet Inc. ( GOOG ) ( GOOGL ) Alphabet reported on October 28 that third-quarter consolidated revenues grew 25% to $127.6 billion, its 13th consecutive quarter of double-digit revenue growth. Google Cloud revenues climbed 103% to $30.7 billion, with TPU systems sales cited as a meaningful contributor, while Google Services revenues rose 11% to $96.3 billion and the Google subscriptions, platforms, and devices line grew to $14.3 billion from $12.9 billion. Diluted earnings per share was $2.12, compared with $2.87 a year earlier; the company said the net effect of an $8.7 billion loss on equity securities lowered diluted earnings per share by $0.55. Class A shares closed at $283.82 on October 29, down 12.64%. "We had a strong quarter and are now on a half-trillion dollar revenue run rate," said Sundar Pichai, CEO of Google and Alphabet. Amazon.com, Inc. ( AMZN ) Amazon reported on October 29 third-quarter net sales of $201.9 billion, up 12%, with AWS segment sales up 39% to $46.0 billion. Operating income rose to $28.1 billion from $17.4 billion, for an operating margin of 13.9%, which the company described as its highest ever. Net income was $20.7 billion, or $1.89 per diluted share, compared with $1.95 per diluted share a year earlier, when results included $9.5 billion of pre-tax gains from its investments in Anthropic. Amazon expects fourth-quarter net sales of between $240.0 billion and $247.0 billion and operating income of between $28.5 billion and $33.5 billion. The shares closed Friday at $240.35, down 1.41%. "Our AWS investment in functionality and infrastructure is working, with over 39% year-over-year revenue growth in Q3 ($184 billion revenue run rate) and projected revenue growth rates of over 40% both in 2027 and in 2028," said Andy Jassy, President and CEO, Amazon. Qualcomm Incorporated ( QCOM ) Qualcomm will report its fiscal fourth-quarter results after the close on Wednesday. For that quarter, the company guided in July to revenues of $9.7 billion to $10.5 billion and non-GAAP diluted earnings per share of $2.05 to $2.25. In its fiscal third quarter ended June 28, revenues were $9.9 billion, down 4%, with GAAP diluted earnings per share of $1.87 and non-GAAP diluted earnings per share of $2.21. In its QCT chip business, handset revenues fell 20% to $5.09 billion, while automotive revenues rose 61% to $1.59 billion. Qualcomm shares closed Friday at $164.79, down 11.12%. "Despite a challenging memory and supply environment, our third quarter results reflect solid execution of our growth strategy, with quarterly revenues at the high end of guidance," said Cristiano Amon, President and CEO of Qualcomm Incorporated. Last week ' s cloud reports were followed by very different share moves, and this week ' s hardware results can shift the picture just as quickly. Learn to read those setups with the free Stock Preachers guide, plus The Roadmap market reports, at market-updates.com/ . Contact Information: market-updates.com Media Contact: info@market-updates.com DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is not a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is independent news commentary. Market Updates is wholly owned and operated by Market Equities Limited ("MEL"), a company incorporated under the laws of Ireland. MEL has not been paid by any company mentioned in this article. MEL and its owners, operators, directors, and affiliates do not currently own any shares of the companies mentioned in this article, but reserve the right to, and will, buy and sell shares of those companies at any time without further notice. Company results and schedules are as reported in the companies' own releases and investor relations pages, including Apple's July 30, 2026, October 30, 2025, April 20, 2026 and October 28, 2026 releases, Microsoft's and Alphabet's October 28, 2026 releases, Amazon's October 29, 2026 release, and Qualcomm's July 29, 2026 and October 22, 2026 releases. Share prices are daily closing prices for October 29 and October 30, 2026 as published by stockanalysis.com (data from S&P Global Market Intelligence), and guidance and forward-looking statements reflect each company's expectations as of the date given and may change. Information is drawn from company news releases and filings, government and industry data, published reporting and third-party data believed to be reliable, but its accuracy is not guaranteed. Investing in securities carries risk, including the loss of some or all of your investment. This document is governed by the laws of Ireland. SOURCE Market Updates

Largest tech deals of last decade. Marvell Technology MRVL struck its biggest-ever deal to buy Lumentum Holdings LITE for $115 billion, including debt, bolstering its challenge to larger rival Broadcom AVGO as tech giants pour billions into AI infrastructure. Below is a list of the largest US technology deals in the last decade: Thomson Reuters Largest tech deals in the past decade

Melius Research maintains NVIDIA at Buy, lowers price target to $315 from $420. Melius Research maintained NVIDIA at Buy and lowered its price target to $315 from $420, a 25.0% decrease. The price target implies an upside of 53.9% from the Oct 30 close of $204.64. Explore more price target data and ratings for NVIDIA on the Forecasts tab , and track all previous and future analyst recommendations in the dedicated News Flow .

Marvell and Lumentum officially plan to combine. Here's what to know. By Emily Bary A newly proposed deal would be financed in stock and target the hot optical-networking market Marvell plans to buy Lumentum in an all-stock deal. Marvell Technology officially plans to combine with Lumentum Holdings in a massive deal meant to target the optical-networking market. The deal will be financed entirely through stock, with Marvell (MRVL) offering about $1,132 per Lumentum (LITE) share, or 24% above where those shares traded as of the close on Oct. 28, before rumors began swirling about a possible combination. "AI infrastructure is undergoing a fundamental architectural shift toward optical connectivity, creating an opportunity that comes along once in a generation," Marvell CEO Matt Murphy said in a release. Optical technologies have become key to moving artificial-intelligence data at high speeds. The companies say that, combined, they'll be able to work more quickly to address market opportunities. Marvell shareholders will own about two thirds of the combined business once the deal is closed. The companies expect the transaction to be complete in the first half of 2028, as it's subject to approval by shareholders and regulators. Shares of Marvell are up about 1% in premarket trading on Monday, though they fell last week after Bloomberg News reported on a potential combination. Lumentum's stock is up more than 2%. Marvell had a $172 billion market capitalization as of Friday's close. Lumentum was worth $76 billion after seeing its stock essentially double this year. -Emily Bary This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

CITIGROUP RAISES REGENERON TARGET PRICE TO $825 FROM $740

Trump Agrees To Expedite Visa For Ghanaian Mother Of Teen Killed In NYC Shooting, Mamdani Says

Marvell, Lumentum to Combine in $115 Billion Deal. By Connor Hart Marvell Technology and Lumentum will merge in an all-stock deal valued at about $115 billion, including debt, creating what they call a category leader in artificial-intelligence connectivity. Under the terms of the agreement, Lumentum stockholders will receive a fixed-exchange ratio of 4.5 shares of Marvell common stock for each share of Lumentum common stock they own, the companies said Monday. Write to Connor Hart at connor.hart@wsj.com

Lumentum Q1 Revenue Reaches $1.26 Billion; Forecasts Strong Q2 Growth. Lumentum reported first-quarter fiscal 2027 revenue of $1.26 billion and GAAP net income of $360.3 million, or $3.54 per diluted share. Non-GAAP net income was $461.1 million, or $4.57 per diluted share. For the second quarter, Lumentum expects revenue of $1.575 billion to $1.625 billion and non-GAAP diluted EPS of $5.90 to $6.20. Financial Highlights Revenue: $1,262.6 million, up 25.5% sequentially and 136.5% year over year. Gross profit and margin: GAAP gross profit was $644.0 million, with a 51.0% gross margin. Non-GAAP gross profit was $671.2 million, with a 53.2% gross margin. Operating income: GAAP income from operations was $359.8 million, with a 28.5% operating margin. Non-GAAP income from operations was $534.4 million, with a 42.3% operating margin. Net income: GAAP net income was $360.3 million, or $3.54 per diluted share; non-GAAP net income was $461.1 million, or $4.57 per diluted share. Second-quarter outlook: Revenue of $1.575 billion to $1.625 billion, non-GAAP operating margin of 45.0% to 46.0%, and non-GAAP diluted EPS of $5.90 to $6.20. Business Highlights Lumentum reported growth across all its businesses, with pump lasers and optical circuit switches (OCS) as leading contributors. The company secured its second major NPO/CPO win, supported by purchase commitments exceeding $5 billion. OCS demand visibility has expanded, and the company sees optical switching as a potential multi-billion-dollar annual revenue stream. Cloud modules demand remained strong, with improvement in gross-margin performance. The company expects approximately $350 million in sequential revenue growth in the second quarter. Original SEC Filing: Lumentum Holdings Inc. [ LITE ] - 8-K - Nov. 02, 2026

STELLANTIS: HALTS POSSIBLE IN ITALY TIED TO PARTS SHORTAGES

FormFactor Raised to Buy From Hold by Freedom Capital Markets. Ratings actions from Benzinga: https://www.benzinga.com/quote/FORM/analyst-ratings

In the hunt for $1 trillion of revenue, SpaceX reportedly targets Boost Mobile for a deal. By Jules Rimmer To build a fourth national carrier, SpaceX needs a cellular network SpaceX has made no secret of its ambitions to build a fourth major cellular network in the U.S. SpaceX is reportedly in talks to buy Boost Mobile or lease its cellular network. Having targeted $1 trillion of revenue in 2027, Elon Musk's rocket launch and satellite-technology company is making a play to create a fourth national wireless carrier and exploit a market opportunity estimated around $235 billion. The story was carried in the Washington Post on Monday and cited two people familiar with the negotiations , reigniting the discussion of Musk's ambitious plans for SpaceX (SPCX). Just over a week ago, a published report surfaced of Musk's exploratory talks with tower operator Crown Castle (CCI), and a Citi research note published at that time highlighted several cellular providers and tower operators as buying opportunities given the SpaceX push into the sector. The parent company of Boost Mobile, EchoStar Corp. (ECHO) was one of those names mentioned in the Citi report. The Washington Post article suggests that Musk had approached all three major telecoms providers - AT&T (T), Verizon (VZ) and T-Mobile (TMUS) - with requests for network access but had been rebuffed. At present the SpaceX satellite network doesn't have the low-spectrum coverage and in-building access to build a comprehensive mobile service. This is why Musk has been involved in extensive efforts to reach a deal with someone prepared to offer him this. The competitive threat posed by SpaceX discouraged the three major national carriers but buying into Boost Mobile could represent a back-door entry for Musk. Boost leases its network from AT&T and T-Mobile, according to the Washington, Post but at this stage there's no certainty that any deal would require their permission. Market commentator Jim Cramer weighed in on the developments in a posting on X, saying the putative deal "would end any question that it (SpaceX) doesn't have the reach to compete." SpaceX shares have been caught up in the broader tech-sector correction of the last month, and its stock has declined by around a fifth in that time and subscribers to this summer's IPO at $135 are showing no positive return yet. The Washington Post story sparked some upbeat trading Monday, however, and the shares were changing hands pre-market at $137.74, up 2.25%. Speculative activity in EchoStar saw its stock jump more than 5% before the open, to trade around $102.50. The rumors were less well-received by the three major carriers, Verizon, T-Mobile and AT&T, however. All three were showing lower prices early Monday. -Jules Rimmer This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

97% of US homeowners with a mortgage now have a rate below today’s market rate, per the Economist. In 2022, it was just 54%. That’s why the housing market is frozen: almost no one wants to sell and give up a cheap mortgage for one above 7%.

Marvell to buy Lumentum in $115 billion deal in AI data-center bet. Marvell Technology MRVL is buying optical components maker Lumentum LITE in a $115 billion all-stock deal, including debt, as the custom chipmaker steps up its challenge to larger rival Broadcom AVGO during an AI spending boom. The deal, announced on Monday, is one of the biggest in 2026 and among the boldest corporate bets yet on an AI boom that chip executives expect to underpin industry demand for years. By buying Lumentum - a company roughly half its size - Marvell is betting that Big Tech's AI spending boom is here to stay and would keep demand for optical components used to move data at high speeds outstripping supply. Under the agreement, Marvell will pay $1,132 per share in stock, a 23.9% premium to Lumentum's last unaffected closing price on October 28, before deal talks were first reported. That gives the deal an equity value of $102.54 billion. Marvell said the deal would expand the combined company's total addressable market to $550 billion. Its shares were up 2.8% in premarket trading, while trading in shares of Lumentum was halted. AI chip giant Nvidia NVDA invested $2 billion each in Marvell and Lumentum earlier this year. Just three years ago, Marvell was a relatively little-known chipmaker. But its market value has since surged to more than $170 billion, thanks to its role in helping tech giants such as Amazon AMZN develop custom AI chips and networking technology for data centers. Monday's deal could also add more muscle to Marvell in its race with rival Broadcom, which has long been Alphabet-owned GOGLB Google's main custom-chip partner and offers customers a broader menu of AI data center hardware under one roof. Marvell notched one of its biggest wins in August, signing a deal to supply chips that sit alongside Google's AI processors worth up to $120 billion in sales through fiscal 2033, giving the search giant the right to buy a $12.2 billion stake. LUMENTUM COULD BENEFIT FROM PROPOSED CHINESE BAN Since the Marvell-Lumentum talks were first reported late last month, Lumentum's shares have fallen about 8% and Marvell about 22%, as a broad-based chip selloff accelerated following Intel's weak forecast. Lumentum, which competes with US-listed Coherent COHR and China's Zhongji Innolight 300308 , stands to benefit from a proposed US ban on new Chinese optical transceivers that could shift demand toward domestic suppliers. Marvell has already been beefing up its photonics business this year. It closed a $3.5 billion purchase of Celestial AI in February as rising use of AI agents and chatbots drives demand for faster optical links connecting thousands of chips in AI data centers. Shares of Marvell hit a record high in June after Nvidia CEO Jensen Huang called the custom chipmaker the next "trillion-dollar company." Its annual revenue has more than doubling from $3 billion in fiscal 2021 to $8.2 billion in fiscal 2026. Marvell's acquisition of Lumentum is its largest purchase since its $10 billion buyout of Inphi in 2021.

MARVELL AND LUMENTUM TO COMBINE, CREATING A CATEGORY LEADER IN AI CONNECTIVITY

EUROPEAN GAS FALLS AS MUCH AS 5.3% TO €98.49/MWH

Marvell Technology: Maintaining Midpoint of Its Prior Rev Guidance While Narrowing Expected Range to Plus or Minus 2%, Vs Original Range of Plus or Minus 5% >MRVL

Marvell Technology: Reports Preliminary Rev for 3Q of Fiscal 2027 Consistent With Previously Provided Guidance >MRVL

LITE: Revenue surged 136.5% YoY as Q2 guidance targets 45%–46% non-GAAP operating margin. Q1 FY2027 revenue reached $1.263B, up 136.5% YoY, with non-GAAP operating margin at 42.3%. Q2 guidance calls for $1.575B–$1.625B revenue and 45.0%–46.0% non-GAAP operating margin. Original document: Lumentum Holdings Inc. [LITE] SEC 8-K Current Report — Nov. 5 2026

Marvell Technology, Lumentum: Transaction Expected to Close in the 1H of Calendar Yr 2028 >MRVL

Marvell Technology, Lumentum: Following Closing, Matt Murphy Will Continue as Chmn and CEO of Combined Co >MRVL

Marvell Technology, Lumentum: Current Marvell Stockholders Will Own About 67% of Combined Co While Lumentum Stockholders Will Own About 33% >MRVL

Marvell Technology, Lumentum: Transaction Has an Implied Enterprise Value of $115B for Lumentum >MRVL

Marvell Technology, Lumentum: Lumentum Stockholders Will Receive a Fixed Exchange Ratio of 4.500 Shrs of Marvell Common Stk for Each Shr of Lumentum Common Stk They Own >MRVL

MRVL: All-stock deal targets AI connectivity leadership with $1B+ in run-rate synergies. The all-stock combination joins interconnect and photonics capabilities, with a projected $550B CY30 TAM and $1B+ in run-rate synergies. Closing is expected in 1H CY28, with year-one post-close non-GAAP EPS accretion targeted. Original document: Marvell Technology, Inc. [MRVL] Slides Release — Nov. 2 2026

MRVL: A $115 billion all-stock deal targets a $550 billion AI connectivity market. The all-stock agreement values Lumentum at $115 billion and combines electrical and optical connectivity capabilities, targeting a $550 billion market. Closing is expected in H1 2028; projected annual run-rate synergies exceed $1 billion. Original document: Marvell Technology, Inc. [MRVL] Press release — Nov. 2 2026

Marvell and Lumentum to Combine, Creating a Category Leader in AI Connectivity

Freedom Capital Markets upgrades FormFactor to Buy from Hold, sets price target at $140. Freedom Capital Markets upgraded FormFactor to Buy from Hold and set a price target of $140. The price target implies an upside of 59.9% from the Oct 30 close of $87.53. Recent analyst actions on FormFactor Date Firm Action Rating Price target Oct 29 TD Cowen Maintains Hold $110 Oct 28 Evercore ISI Group Maintains Outperform $140 Oct 21 Freedom Capital Markets Maintains Hold $140 Across the three most recent analyst notes published on FormFactor over the past 30 days, price targets range from $110 to $140. Explore more price target data and ratings for FormFactor on the Forecasts tab , and track all previous and future analyst recommendations in the dedicated News Flow .

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Tech stocks enter November after a brutal October: Is it time to buy the dip. By Mark DeCambre Plus: Apple's big test, a warning from Warren Buffett and why the midterms could be good news for stocks 👋🏽 Hello, MarketWatchers. After a bruising October for tech stocks, we enter November with a familiar question: Is it time to buy the dip? Intel just suffered its worst one-day stock decline in more than four decades. Alphabet endured a punishing selloff of its own, while the Nasdaq closed out its worst month since March 2025. And the bond market is asking tougher questions about the costs of AI financing. Yet Deutsche Bank, which downgraded tech stocks three weeks earlier, is already recommending that investors buy them again. The bank's strategists point to five V-shaped recoveries over the past 21/2 years. They also believe investors have become too pessimistic about tech companies' earnings prospects. Of course, five previous rebounds don't guarantee a sixth. And the next move for tech tocks may depend less on the earnings companies just reported than on what they say about future demand for AI ... and whether that demand will justify the hundreds of billions of dollars they're spending to satisfy it. A selloff can make stocks cheaper. Whether it makes them a bargain is another matter altogether. I write Need to Know each morning to cut through the noise and focus on the market moves, investing ideas, and economic developments affecting your money. Sign up here to get it. Three stories worth your time ... The midterm election will be good news, regardless of outcome, says Morgan Stanley's chief stock-market strategist Marine sniper turned macro strategist says this bull market has six to 12 months left. Here's his playbook. Private equity in your 401(k)? Heed Warren Buffett's warning. On markets: Deutsche Bank sees a buying opportunity in tech's selloff. But MarketWatch columnist Mark Hulbert sees something more troubling: that the Nasdaq's recent performance is starting to bear an uncanny resemblance to the dot-com era. Follow our live stock-market coverage. Can Apple stem tech's fall? Apple reports earnings today after emerging relatively unscathed from last week's tech wreck. The iPhone maker ended October as the world's most valuable company, helped by its approach to AI spend. Now comes the hard part: Can Apple deliver the growth investors want without outspending rivals? Follow along with our live Apple earnings coverage for more. 'GTA 6' fever? Take a sick day ... "Grand Theft Auto VI" is already the hottest videogame in years, and many gamers are preparing for its Nov. 19 release by scheduling the day off. In fact, by one estimate, nearly one in five workers will skip work that day to play the game. Aditi Shrikant explains why it's such a phenomenon. Time to intervene? A reader whose father has Alzheimer's disease is worried that his father's caretaker is taking advantage of him, including using his debit card for food deliveries. Before jumping to conclusions, here's what The Moneyist suggests he do first, and how to deal with a parent's rapidly declining acumen. Data centers welcome ... As communities across the country push back against data centers, West Virginia is practically rolling out the welcome mat. The state hopes the AI boom will bring jobs and tax revenue. But what will residents get in return? And what might they give up? MarketWatch's Claudia Assis explores the risks and rewards the state faces and the community concerns that are being raised. About me Mark DeCambre is editor in chief of MarketWatch. He has spent more than 20 years covering Wall Street, markets and personal finance, and writes Need to Know, drawing on the award-winning analysis and journalism of the newsroom. -Mark DeCambre This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

Why being right but being early is the same as being wrong

Marvell $MRVL just confirmed that is has agreed to acquire Lumentum $LITE for 4.5 Marvell shares per share, giving a Implied enterprise value $115 Billion

Marvell Agrees To Acquire Lumentum In All-Stock Deal Valued At $115B

Marvell Technology, Inc. (MRVL) to Acquire Lumentum for $115B. Marvell agreed to acquire Lumentum in an all-stock transaction with an implied enterprise value of $115B. Lumentum shareholders will receive 4.500 Marvell shares per share, a 23.9% premium to unaffected October 28, 2026 closing prices; closing is expected in H1 2028, subject to approvals. Material Details # Detail AI Analyst View 1 $115B implied enterprise value for Lumentum Sets the scale of the transaction; the release gives no comparison with Lumentum's prior enterprise value. 2 4.500 Marvell shares per Lumentum share Fixed exchange ratio exposes Lumentum holders to Marvell share-price movements until closing. 3 Approximately 23.9% premium to unaffected prices The premium is measured against October 28 closing prices, before transaction speculation began. 4 Closing expected in H1 2028, subject to approvals The extended timetable leaves the deal exposed to regulatory, shareholder and execution risks. 5 Lumentum holders to own approximately 33% post-close Defines the ownership split; Marvell holders are expected to own approximately 67%. Context by AI Analyst This is a major strategic transaction announcement combining two companies positioned in AI and optical connectivity, rather than confirmation of a completed deal. Shareholder and regulatory approvals, followed by progress toward the expected H1 2028 closing, are the next catalysts. Based on the original press release from Marvell Technology, Inc. distributed by BusinessWire.