Welcome to Staten News — where the S&P lost 2.68% and somebody still had the week of their life.
📈 The Winner Nobody Wanted to Own
The S&P 500 just had its worst week since April 2025. AppLovin (APP) rose 71.22%. Same market, same five days.
The reason is in the filing. AppLovin reported on November 4: third-quarter revenue of $2.18 billion, up 55% from a year ago, and net income of $1.44 billion, up 72%. Fourth-quarter revenue guidance came in at $2.365 billion to $2.395 billion.
The net income margin was 66%. Read that again.
The stock closed the week at $391.22, per Morningstar, and it’s still down 42.29% over the past 12 months. That tells you how hard the market had sold it going into the print. Investors had priced ad tech like a business in decline. AppLovin handed them a quarter where two-thirds of every revenue dollar became profit, and the shorts got the bill.
📉 Bought Out and Still Bleeding
On Monday, November 2, Marvell agreed to buy Lumentum (LITE) in an all-stock deal. Each Lumentum share converts into 4.5 Marvell shares, which the companies valued at about $1,132 a share, a 23.9% premium to Lumentum’s October 28 close.
Lumentum then fell 35.96% for the week and closed at $538.44.
Here’s the catch. The deal pays in Marvell stock, and Marvell fell 28.12% to $141.19. Multiply by 4.5 and the offer was worth about $635 a share at Friday’s close. Lumentum trades roughly 15% below even that number. Translation: the market doesn’t fully trust this deal to close on these terms, and the companies are targeting the first half of 2028. That’s a long time to hold a paper promise.
Morningstar’s list had Cogent Communications (CCOI) as the single worst stock it covers, down 41.16%. Lumentum is the one that tells you something about the AI trade.
🌡️ Money Didn’t Leave. It Moved Rooms.
Energy fell 12.32% for the week and technology fell 6.71%, per Morningstar. WTI crude dropped 12.07% to $90.52. Gold climbed 4.88% to $4,065.90, and the 10-year Treasury yield slipped to 4.86% from 4.94%.
Communication services gained 5.25%. Consumer cyclicals added 2.36%. Of the 880 US stocks Morningstar covers, 55% actually finished the week higher.
So this wasn’t a market where everything broke. It was a market where the most crowded trade broke. And Monday opened with a fresh problem: Nvidia fell more than 5% in premarket trading after its board opened an independent investigation involving CEO Jensen Huang, per CNBC. Our Tech desk has the full story.
🔮 This Week’s Predicted Gainer: Cisco (CSCO)
Cisco reports Thursday, November 12, after the close, and the focus is networking orders tied to AI infrastructure.
The thesis is simple. Cisco sells the plumbing that connects AI data centers without carrying the valuation of a pure AI name. Last week investors dumped anything priced on hope, and the money that rotated went looking for companies with real cash flows. A clean quarter from a boring networking company is exactly the print that gets rewarded in that mood. Possible? Absolutely. Guaranteed? Not even close, especially if the CPI number on Tuesday runs hot.
🔻 This Week’s Predicted Loser: CoreWeave (CRWV)
CoreWeave reports Tuesday, November 10, after the close. The consensus calls for a loss of $1.45 a share, per Gotrade’s earnings preview.
Because the setup is brutal. CoreWeave rents out Nvidia chips, last week’s selloff was about how AI data centers get funded, and Nvidia itself opened this week under a board investigation. A company still losing money needs a near-perfect backlog number to win in that tape. We think the bar is too high this week.
📅 The Calendar
Tuesday, Nov. 10: October CPI at 8:30 a.m., CoreWeave earnings after the close
Wednesday, Nov. 11: Veterans Day, bond market closed, stocks open
Thursday, Nov. 12: Applied Materials, Cisco and Nebius earnings, plus October existing home sales
Friday, Nov. 13: October PPI
This is the week the market decides whether last week was a reset in the AI trade or the start of something longer. CPI sets the rate backdrop on Tuesday morning. CoreWeave sets the mood that night.
Sources: Morningstar weekly market wrap, AppLovin Q3 2026 results (SEC), Marvell and Lumentum merger release (SEC), Gotrade week-ahead preview
This is not financial advice. Always do your own research.
— The Bandicoots 📈📉