- Lumentum (LITE) shares drop. Marvell Technology Inc. has reached a deal to buy Lumentum Holdings Inc. at an enterprise value of $115 billion. The all-stock transaction will give Marvell shareholders 67% of the combined company and is expected to close in the first half of 2028. Lumentum makes lasers and other optical technology for moving enormous amounts of data at high speeds, which underpins the AI boom.
- Oracle (ORCL) shares are down. Oracle Corp. is raising $20 billion in debt and equity to finance its artificial intelligence infrastructure spending. The company is selling $10 billion of US dollar investment-grade bonds and a similar amount in common stock to help fund day-to-day operations.
- Estee Lauder (EL) shares are mixed. Estee Lauder Cos. reported better-than-expected earnings and raised its outlook, a sign the beauty conglomerate’s turnaround effort is winning over consumers. The company said organic sales will likely grow by 4% to 5.5% in the fiscal year, and demand for fragrances led the growth, helped by the more affordable line Kilian Paris’ Cocktails Collection.
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