Midday Need to Know: Marvell - Lumentum deal, oil price falls & more

Wall Street's major indexes were higher on Monday as investors awaited earnings reports from Apple and Palantir , as well as U.S. midterm election results and key labor market data this week.Now, here are four news stories that broke in the morning to watch out for:Marvell Technology to acquire Lumentum in all-stock deal: Marvell Technology plans to acquire Lumentum in an all-stock transaction valuing the optical networking company at an enterprise value of $115 per share, representing a 23.9% premium based on share prices prior to deal speculation. Lumentum shareholders will receive approximately 4.5 shares of Marvell for each share they own and will hold roughly 33% of the combined company, while Marvell shareholders will own 67%. The companies said the deal expands their total addressable market to $550 billion and will provide more than $1 billion in annual run-rate synergies.Estee Lauder advances on Q1 earnings beat and raised outlook: Estee Lauder 2.5% higher in premarket trading to $111.99 after reporting fiscal first-quarter results that exceeded analyst expectations. Sales rose 7% to $3.7 billion, with organic sales up 6%. Non-GAAP earnings per share of $0.72 topped the consensus estimate of $0.51 and last year's mark of $0.32. Adjusted gross margin expanded 240 basis points to 75.7% of sales, while adjusted operating margin improved to 12.1% from 7.3% a year ago. The cosmetics company raised its fiscal 2027 outlook, now expecting organic net sales growth of 4.0% to 5.5% and adjusted diluted earnings per share between $3.20 and $3.45.Crude oil drops over 6% on reported Iran peace talk developments: Front-month Nymex crude oil futures fell 6.47% to $97.38 per barrel, while Brent futures dropped 6.19% to $106.41, after Iranian President Masoud Pezeshkian said that Supreme Leader Mojtaba Khamenei has granted the government "certain authorities" over peace talks with the United States. Pezeshkian indicated Tehran would look to resolve the conflict with Washington through dialogue, according to Iranian state media. There is no formal peace agreement between the U.S. and Iran despite multiple attempts to reach a settlement.Binance records $4.7 billion in withdrawals following record hack: Users have withdrawn $4.7 billion from Binance, the world's largest crypto exchange, by Monday morning London time, up from $3.6 billion reported as of Sunday. A Binance spokesperson told Bloomberg News that the outflows represent less than 3% of the $166 billion in assets held by the platform. Withdrawals resumed early Sunday morning after Binance froze them Thursday following an attack that resulted in the theft of $6.4 billion, attributed to North Korean hackers. Content provided by Seeking Alpha is intended for information purposes only, and that Seeking Alpha does not offer any personalist investment advice and is not a licensed securities dealer, broker, US investment adviser or investment bank.