Market Overview - The S&P 500 is expected to finish the day approximately 0.3% higher, marking six consecutive months of gains, a trend not seen in several years [2][6] - The Nasdaq 100 is experiencing a seven-month surge, potentially the longest in eight years, driven by strong performances from major tech companies like Amazon [3][6] Company Performance - Amazon reported third-quarter results that exceeded expectations, particularly in its Amazon Web Services (AWS) segment, leading to a stock gain of about 9.6% [10][9] - Netflix's stock rose by 2.7% following the announcement of a ten-for-one stock split and its exploration of a bid for Warner Brothers [11] - First Solar emerged as the top gainer in the S&P 500 with a 14% increase after reporting better-than-expected earnings and narrowing its full-year guidance [12][13] Notable Declines - Dexcom's stock fell by 14.6% after the company revised its adjusted gross margin forecast downward for the full year [13][14] - Newell Brands experienced its worst day ever, with shares dropping 28% due to a cut in its normalized earnings per share forecast and disappointing third-quarter results [14] - LUMINAR Technologies faced a significant decline of over 45%, reaching a record low, following a subpoena from the SEC related to a federal investigation [16]

Core Insights - Luminar's founder and CEO, Austin Russell, was pushed out by the board following an ethics inquiry but has made a bid to acquire the company [2][3] - Some members of Luminar's board are reportedly supportive of Russell's return, despite previous actions leading to his resignation [3] - The proposed acquisition may involve Russell AI Labs merging with another automotive tech company [4] Company Developments - Austin Russell has launched a new company, Russell AI Labs, after his departure from Luminar [2] - The board of Luminar has approached Russell about the acquisition, indicating internal support for his return [3] - Russell is exploring options for merging Russell AI Labs with Luminar or another automotive tech company [4] Industry Movements - Beta Technologies is moving forward with its IPO, pricing shares between $27 and $33, aiming to raise up to $825 million and debut with a valuation of approximately $7.2 billion [6] - The SEC has provided new guidance allowing companies in IPO limbo to expedite their processes, which has enabled Beta Technologies and others to proceed with their IPO plans [7]