Larry Ellison, Co-Founder and Executive Chairman of Oracle Corp., speaks during the Oracle OpenWorld conference in San Francisco on October 22, 2018.
Check out the companies making headlines on Monday lunchtime:
Immunomedics – Immunomedics stock more than doubled when Gilead Sciences bought the cancer drug maker for $ 21 billion. The transaction is expected to close in the fourth quarter. Gilead will pay $ 15 billion in cash for Immunomedics, with the remaining $ 6 billion in newly issued debt.
Oracle – The cloud company's shares surged more than 4% on news that TikTok parent ByteDance selected Oracle as its US partner for the popular social video app. The deal is awaiting government approval. "Oracle confirms the statement by [Finance] Secretary [Steven] Mnuchin that this is part of the proposal that ByteDance made to the finance department over the weekend that Oracle will act as a trusted technology provider," Oracle said on Monday.
Nvidia – Nvidia gained more than 6% after it announced it would buy Softbank's fellow chipmaker Arm Holdings. The deal will include $ 21.5 billion in Nvidia stock and $ 12 billion in cash, including $ 2 billion payable upon signature.
Delta Air Lines – The airline's shares rose 2% after the company announced an agreement to borrow $ 6.5 billion from its frequent flyer program. The move comes because negotiations in Washington about another bailout package that could include more money for airlines have stalled. United Airlines announced a similar plan in June.
Overstock.com – Overstock.com stocks rose nearly 12% after Needham initiated coverage of the online retailer with a buy rating. The Wall Street company said Overstock "takes advantage of external and internal factors that accelerate sales growth and gain market share." The ongoing worldly shift towards digital commerce will continue to accelerate, Needham added.
Kroger – Kroger shares fell 4% after Bank of America downgraded the grocery chain from buy to neutral. The bank said Kroger's valuation "is unlikely to expand" and its momentum is "slowing" due to the surge in the pandemic.
Nikola – Nikola shares rose more than 6% in volatile trading as the electric vehicle maker continues to fight short trader Hindenburg Research fraud. In a statement, the company said Hindenburg's allegations were "designed to manipulate the market to benefit from an artificial fall in Nikola’s stock price."
Micron Technology – Micron shares rose more than 7% after a Goldman Sachs analyst upgraded the chipmaker to buy from Neutral. The analyst said Micron is "competitively well positioned as it continues to make its technical transitions."
Thermo Fisher – Biotech stock rose 1.6% after Morgan Stanley began reporting the company with an overweight rating. The company said in a statement to customers that it expects Thermo Fisher to "significantly outperform peers." A price target of $ 485 per share was set, 12.6% more than it closed on Friday.
Pfizer – Pfizer stock rose more than 2% after CEO Albert Bourla said the company could ship its coronavirus vaccine to Americans by the end of the year. He also said they should have key dates on the drug from his late-stage DBA study by the end of October.
America Movil – The US-listed shares of the telecommunications company rose nearly 6% after Verizon acquired Tracfone – the largest wireless services reseller in the US – for more than $ 6 billion. Verizon expects the deal to close in the second half of 2021.
– CNBC's Yun Li, Maggie Fitzgerald and Jesse Pound contributed to this report.