Lumentum shares fell 14.9% intraday despite a strong first-quarter report, with revenue more than doubling 136.5% to $1.26 billion and adjusted EPS of $4.57. The company agreed to be acquired by Marvell Technology in an all-stock deal of 4.5 Marvell shares for each Lumentum share, with closing expected in the first half of calendar 2028. The deal was valued at $115 billion, or about $1,132 per Lumentum share, based on October 28 prices; at Monday's midday prices the offer was worth about $800 per share after Marvell fell 9.5%. Lumentum traded 10.6% below that implied value, and the two stocks together erased nearly $28 billion in market value on Monday. The companies expect more than $1 billion in annual cost savings.
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