IDD Daily Brief: Tuesday, Nov 3, 2026 — Marvell agrees to buy Lumentum as Apple and Palantir post records
Published
> “Most people don’t repeat their mistakes; they make new ones.” — Howard Marks
The Big Picture
- Marvell agreed to buy Lumentum in an all-stock deal. Marvell will pay 4.500 of its shares for each Lumentum share, an implied enterprise value of $115 billion, and the companies target more than $1 billion in run-rate cost synergies.
- Apple and Palantir both posted records. Apple's fiscal fourth-quarter revenue rose 11.7% to $114.48 billion on a 17.5% jump in iPhone sales, while Palantir topped $2 billion in quarterly revenue for the first time, up 95.9%.
- Kimberly-Clark closed its Kenvue acquisition. Kenvue holders received 0.14625 Kimberly-Clark shares plus $3.50 in cash per share, and Kimberly-Clark approved an integration program with an estimated $3.1 billion in pre-tax charges.
Economic Data
- Treasury borrowing estimate: The U.S. Treasury said it expects to borrow $618 billion in privately-held net marketable debt in the October–December quarter, $10 billion below its August estimate, assuming an $850 billion cash balance at the end of December. It expects to borrow $800 billion in January–March 2027.
What it means: The Treasury said July–September borrowing came to $742 billion, compared with its $739 billion August estimate, and it will release Quarterly Refunding details on Nov. 4.
Earnings
Reported since yesterday's brief
- Apple (AAPL): Diluted EPS rose 13.5% to $2.10, according to its 8-K. Services revenue reached a record $31.57 billion, and Apple declared a $0.27 dividend without issuing guidance in the release.
- Palantir (PLTR): U.S. commercial revenue of $984 million surpassed U.S. government revenue, and GAAP and adjusted EPS were both $0.44, according to its 8-K. Palantir raised its fourth-quarter and full-year outlook.
- Lumentum (LITE): Fiscal first-quarter revenue rose 136.5% to $1.26 billion, with non-GAAP EPS of $4.57, according to its 8-K. It guided fiscal second-quarter revenue to $1.575 billion to $1.625 billion.