HAPPY ELECTION DAY TO THE STREET
If you caught our pre-midterms webinar with Kyle DePaolo and Dane May of DM Strategic Wealth yesterday, you walked into today better prepared than most. If you didn’t, here are the quick hitters:
The classic post-midterm rally may already be priced in, a surprise matters more than the winner, and the bigger market risks (AI concentration, oil, a contested count) don't care who controls Congress.
Missed it? No sweat. We've got plenty more coming in the year ahead. Stay tuned, and go vote. The market, for its part, already cast its ballot.
🟨 | US stocks were mixed today ahead of the midterm results. This time, it was the S&P 500 and Nasdaq Composite that jumped, while the DJIA finished lower, dragged down by Apple’s disappointing earnings.
📈 | One Notable Gainer: Coinbase (COIN) bounced back after a three-day selloff on weak crypto trading volumes.
📉 | One Notable Decliner: Shopify (SHOP) slid after missing estimates on subscription gross profit and GMV.
— Brooks & The Street Sheet Team
MARKET SNAPSHOT
S&P 500 Heatmap. Credit: Unusual Whales
Market Movers
NVIDIA, APPLE, ONSEMI
📈 | Nvidia (NVDA) bounced as AI stocks recovered from several days of hard selling.
📉 | Apple (AAPL) issued a disappointing margin forecast and missed on iPad sales.
📈 | ON Semiconductor (ON) topped Q3 earnings and revenue estimates.
📉 | Palantir Technologies (PLTR) slipped despite topping Q3 earnings estimates.
Tomorrow's Trade Idea, Today
NOT SO MRVL-OUS
Stock Spotlight
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Deal or No Deal
Marvell is betting big on light. But Bank of America isn't buying it.
Analyst Vivek Arya downgraded the chipmaker to Neutral after it agreed to acquire photonics firm Lumentum (LITE) in an all-stock deal worth more than $100B.
Dilution Delusion
Marvell has had a massive year, surging nearly 100% YTD. But Arya believes the deal could cap its seemingly sky-high ceiling.
Marvell plans $1B in cost cuts, but Arya doesn't see that offsetting roughly 50% share-count dilution, leaving limited EPS accretion. And he expects an extended stock overhang as the deal works through regulators, including in China.
He also flagged potential customer and channel conflict.
Lone Wolf Call
Marvell pitches the deal as a path to category leadership in AI connectivity. Most of Wall Street seems to agree. Of the 45 analysts covering the stock, 40 rate it a Buy or Strong Buy, while five rate it a Hold.
But while shares are up sharply in 2026, they’re firmly in the red over the past three months. Bank of America might not be calling the top, but it is warning investors to watch their heads.
Do you own shares of Marvell Technology (MRVL)?
OVERHEARD ON THE STREET
💼 | US job openings jumped to 7.5M in September, the most since May.
🏰 | Disney (DIS) plans to cut several thousand jobs, asking some managers to trim costs up to 20%.
🔓 | Binance said hackers used fake job interviews and AI tools to steal $6.3B in crypto.
💸 | Meta (META) is seeking to raise up to $25B in a bond sale to fund AI spending.
💉 | The FDA tentatively approved a $40-a-year generic of the twice-yearly HIV-prevention shot from Gilead Sciences (GILD).
MONDAY'S POLL RESULTS
Do you own shares of Rivian Automotive (RIVN)?
▇▇▇▇▇▇ 🐂 Yup, I’m holding
▇▇▇▇▇▇ 🐻 Nope, not interested
▇▇▇▇▇▇ 👀 No, but I’m interested
And, in response, you said:
🐻 Nope, not interested — “In the whole world market their products are way overpriced and thus not in demand. Their market in the USA is wholly dependent on trade restrictions.”
👀 No, but I’m interested — “Looking for floating wood in a flood.”
