IDD Week in Review: Friday, Nov 6, 2026 — Marvell buys Lumentum, CVS plans a split and payrolls rise 165,000

> “The right lessons are easily learned if you’ll work at it.” — Charlie Munger

The Big Picture

• Deal makers reshaped several industries. Marvell agreed to buy Lumentum for 4.500 Marvell shares per Lumentum share, an implied enterprise value of $115 billion, Kimberly-Clark closed its Kenvue acquisition with an estimated $3.1 billion integration program, and CVS Health said it plans to separate Aetna and Caremark from its pharmacy chain in a tax-free deal expected in the first half of 2028.

• AI and growth earnings stayed strong. Apple's fiscal fourth-quarter revenue rose 11.7% to a record $114.48 billion as iPhone sales jumped 17.5%, AMD's revenue rose 44.7% to a record $13.38 billion as Data Center sales rose 96.9%, and Super Micro Computer's fiscal first-quarter sales surged 297.5% to a record $19.95 billion.

• The labor market firmed and payrolls accelerated. The Bureau of Labor Statistics reported September job openings little changed at 7.5 million, preliminary third-quarter nonfarm business productivity up 3.6% at an annual rate, and October nonfarm payroll employment up 165,000 with the unemployment rate little changed at 4.1%.

Top Stories of the Week

• Marvell is buying Lumentum. It will pay 4.500 of its shares for each Lumentum share, an implied enterprise value of $115 billion, targeting more than $1 billion in run-rate cost synergies and a close in the first half of calendar 2028, according to the companies' announcements covered in IDD's story.

• Kimberly-Clark closed its Kenvue deal. 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 and an estimated $2.1 billion run-rate synergy target, according to its 8-K.

• CVS Health plans to split into two companies. It will separate Aetna and Caremark from its retail pharmacy chain in a tax-free separation expected in the first half of 2028, according to its 8-K.

• 3M agreed to a PFAS injury settlement. The settlement has a nominal value of $7.35 billion paid from 2026 to 2034 and a present value of $5.8 billion, which 3M will record as a fourth-quarter pre-tax charge, according to its 8-K.