_ Marvell Technology (MRVL) agreed to buy Lumentum Holdings at an enterprise value of $115 billion in an all-stock transaction. The merger is expected to be completed in the first half of 2028 and will give Marvell shareholders 67% of the combined business. The deal sparked concerns from investors, who sent shares of both companies sliding, due to the risks of embarking on a massive AI deal at a time when the market is jittery about the industry.
- Marriott International (MAR) reported third-quarter earnings that beat expectations, as bookings surged across the company’s US hotels. The company recorded adjusted earnings per share of $3.02, according to a statement Monday. That was higher than the average analyst estimate of $2.85 in data compiled by Bloomberg.
- Rivian Automotive (RIVN) stock is climbing on Monday after UBS upgraded the stock from Neutral to Buy, following a strong third-quarter operating performance. The upgrade comes after Rivian posted third-quarter revenue of $2.155 billion, which represents a 38% increase year over year and topped the Street consensus estimate.
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