In the rapidly fluctuating world of stocks, many companies saw large midday stock shifts. Nvidia, Oracle, and many other companies saw an overwhelming shift in their stocks.
After news came that the cancer drugmaker is being bought by Gilead Sciences for around $21 billion, stocks for Immunomedics doubled in a day. It has been rumored that the transaction will take place around the fourth quarter.
$15 billion who’ll be paid by Gilead Sciences in cash for the drug manufacturing company, Immunomedics. Additionally, $6 billion will be directed from the freshly issued debt.
After news came that Byte Dance, TikTok’s parent company, will be picking Oracle as their partner for social media engagement in the United States, the company saw a significant 4 percent increase in its shares. Even as the deal has been made public, it has not been approved by the government authorities yet.
Oracle And Nvidia See A Jump In Shares, Unlike Kroger
However, Oracle confirmed on Monday that the treasury secretary has been made aware of the deal. Byte Dance submitted a proposal to the department of Treasury last weekend which stated that Oracle will serve Byte Dance as a technology provider.
Nvidia stocks saw a jump of 6 percent. The surge came after Nvidia announced that they will be buying Arm Holdings, another chipmaker firm, from SoftBank. It has been reported that $2 billion will be paid during the time of signing the contract. Meanwhile, $12 billion will be paid in cash and $21.5 will come from Nvidia’s stock.
Lawmakers Discuss Relief Packages To Stimulate The Economy
The airline, Delta Air Lines, saw a 2 percent increase in their company stock after it was announced that their debt of around $6.5 billion will be raised by their flyer program. This news comes amidst rumblings in Washington where lawmakers are still discussing releasing a relief package for airlines. The relief packages are a part of the government’s efforts to boost the failing economy post-COVID-19. Last June, United Airlines had announced similar plans.
After Needham covered their buy rating of Overstock, the company shares saw a 12 percent increase. Needham stated that as the importance of digital commerce increases, Overstock’s business will only increase.
Unlike Nvidia and Oracle, Kroger shares fell by 4 percent. This happened after the chain was downgraded to neutral by Bank of America.
Even as Nikola is stuck in a legal battle with Hindenburg, who accused Nikola of fraud, Nikola shares increased by 6 percent.
Goldman Sachs upgraded Micron Technology to buy and the company’s shares increased by 7 percent. Similarly, the Thermo Fisher stock jumped by 1.6 percent.
Albert Bourla, CEO of Pfizer, stated that their company aimed at delivering COVID-19 vaccines by the end of 2020. Since the statement, their shares went up by 2 percent.
Similar to Oracle, the telecom firm, America Movil shares rose by 6 percent after it was revealed that Tracgone will be acquired by Verizon.