Stocks Moving Premarket: Marvell Bids $115 Billion for Lumentum, EchoStar Jumps on SpaceX Talks and Check Point Sinks
Nasdaq 100 futures rise about 0.8% as oil falls on Iran talk, with Apple and Palantir due after the close. Check Point, Axsome and T-Mobile slide while Rivian, IDEXX and Estée Lauder climb. Plus the calendar & what to watch.
U.S. stock futures pointed higher Monday, Nov. 2, as oil fell below $100 on reports of U.S.-Iran diplomacy and traders looked to rebound from a rough October for tech. Marvell agreed to buy Lumentum for about $115 billion in stock, EchoStar jumped on a report of SpaceX talks, and Check Point Software sank on a weak outlook. Apple and Palantir report after the close. Stocks trade normally today, and all moves below are premarket and can change by the open.
Economic calendar: today and the coming week
The Fed held rates at its meeting last week, and, as cited in our Oct. 30 coverage, markets have been pricing the chance of a rate increase by December rather than a cut. No Fed decision is scheduled this week, so Friday's October jobs report and a heavy slate of Fed speakers will shape rate expectations. Times are Eastern; some release times were not confirmed in the sources, so check before relying on them.
| Day | Time | Event |
|---|---|---|
| Mon, Nov. 2 | 10:00 AM ET | ISM manufacturing PMI for October; Fed's Goolsbee speaks |
| Mon, Nov. 2 | After the close | Earnings: Apple (first report under CEO John Ternus; consensus about $113.6B revenue) and Palantir (about $2.2B revenue) |
| Tue, Nov. 3 | All day | U.S. midterm elections |
| Tue, Nov. 3 | 10:00 AM ET | JOLTS job openings for September |
| Tue, Nov. 3 | Before / after the open | Earnings: AMD, Eaton |
| Wed, Nov. 4 | Morning | ADP employment for October; trade balance for September |
| Wed, Nov. 4 | 10:00 AM ET | ISM services PMI for October |
| Wed, Nov. 4 | Morning | Treasury quarterly refunding announcement; Coherent reports earnings; Okta joins the S&P 500 |
| Thu, Nov. 5 | 8:30 AM ET | Weekly jobless claims; Fed's Hammack and Barkin speak |
| Fri, Nov. 6 | 8:30 AM ET | October jobs report (payrolls, unemployment rate, hourly earnings) |
| Fri, Nov. 6 | 10:00 AM ET | University of Michigan consumer sentiment, preliminary November; Fed's Logan, Williams, Musalem and Bowman speak during the day |
Notable premarket moves
| Company | Ticker | Premarket | Why |
|---|---|---|---|
| Check Point | CHKP | -6% to -10% | Weaker-than-expected Q4 revenue forecast after Q3 results; Investing.com showed -9.9%, Currentlogic -8.0%, Premarketprice -6.3% |
| EchoStar | ECHO | +4% to +6% | Washington Post report that SpaceX is in talks to acquire Boost Mobile or gain access to EchoStar's wireless network |
| IDEXX Laboratories | IDXX | +2.5% to +6% | Third-quarter results beat estimates; Stock Track and Boursorama also reported a raised full-year outlook |
| Estée Lauder | EL | +2.4% to +3.2% | Quarterly sales rose 7% to $3.72 billion, above estimates, and the company raised its annual sales and profit forecasts |
| Rivian | RIVN | +3% to +6% (about $12.55) | UBS upgraded to Buy from Neutral with a $17 target, calling a roughly 19% one-month drop a buying opportunity |
| Coherent | COHR | +3.8% | Optical peer rallied on the Marvell-Lumentum deal; Coherent reports earnings Wednesday |
| Micron | MU | +2.4% | Memory and chip stocks rebounded after October's roughly 17% drop for Micron (KuCoin) |
| Okta | OKTA | +2.7% | Selected to join the S&P 500, replacing Kenvue, before the open on Nov. 4 |
| Axsome Therapeutics | AXSM | -5.1% | Beat Q3 estimates, but investors worried about the commercial rollout of Auvelity and several analysts cut price targets |
| T-Mobile US | TMUS | -3.2% | Lingering worry over competition from SpaceX's planned push into wireless |
| Cheniere Energy | LNG | -2.8% | Lower oil and gas-linked energy shares as crude fell on reports of U.S.-Iran diplomacy |
| Intel | INTC | -0.6% to -0.9% | Little changed after Friday's roughly 29% plunge on a weak outlook |
| Lumentum / Marvell | LITE / MRVL | Sources disagree | Marvell agreed to buy Lumentum for about $115 billion in stock. TheStreet showed LITE +2.5% and MRVL +1.2%, while TipRanks and Chartmill headlines said both fell |
Marvell-Lumentum: the day's biggest deal
Marvell Technology said it will buy optical component maker Lumentum in an all-stock deal valued at about $115 billion, or $1,132 per Lumentum share. Lumentum holders would receive 4.5 Marvell shares for each share, a 23.9% premium to Lumentum's Oct. 28 close, according to Yahoo Finance. The companies put the combined addressable market at $550 billion. Early trading reports conflicted, so check live quotes. Marvell shares are up more than 130% this year and Lumentum is up about 128%.
Notable analyst calls and index changes
| Company | Ticker | Firm / Source | Action |
|---|---|---|---|
| Rivian | RIVN | UBS | Neutral to Buy; target $17 |
| Axsome Therapeutics | AXSM | Several analysts | Price targets cut after the Q3 report |
| Okta | OKTA | S&P Dow Jones Indices | Joins the S&P 500 before the open Nov. 4, replacing Kenvue |
Index futures
As of about 5:40 AM ET, Nasdaq 100 futures were up about 0.8%, S&P 500 futures up about 0.5% and Dow futures up about 0.5%, according to TipRanks and AOL. An earlier snapshot on X showed smaller gains of 0.7%, 0.3% and 0.2%. The Nasdaq Composite lost 5.3% in October, its worst month since March 2025, after Alphabet and Microsoft AI spending forecasts disappointed, while the Dow rose, per AOL and TipRanks. WTI crude fell about 4% to roughly $99.4 to $99.8 and Brent to about $108.3 to $108.7 on reports of Iran talks. Gold was near $3,910 an ounce and bitcoin near $78,000.
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