3 Stocks Making Major Buyout Buzz Today

TikTok owner ByteDance has finally chosen a U.S. partner

Managing Editor
Sep 14, 2020 at 1:55 PM
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A number of announcements regarding buyout offers for the entirety of -- or at least a large stake in -- various companies is kicking the week off at a rapid pace today. Specifically, biotech Immunomedics, Inc. (NASDAQ:IMMU), software giant Oracle Corporation (NYSE:ORCL), and chip name Nvidia Corporation (NASDAQ:NVDA), are all making moves this afternoon, and below we will take a deeper dive into shares' performances on the charts. 

First up is Immunomedics stock, which has more than doubled on news of its buyout by Gilead Sciences (GILD) for $21 billion. Expected to finalize by the end of 2020, Gilead is prepared to purchase $15 billion in cash and the remaining $6 billion through newly issued debt. IMMU is enjoying a fresh bounce off its supportive 50-day moving average, and is now up 300% year-to-date. At last check, the biotech was trading 100.4% higher at $84.69, earlier hitting a fresh record peak of $86.91.

Next on the list is long-term outperformer Oracle, which is buzzing after the tech name revealed China's ByteDance chose the company to be its U.S. partner for its TikTok app. Though still awaiting government approval from both countries, the deal comes just shy of the U.S. imposed deadline of September 20. In response, ORCL is up 5% at $59.87 this afternoon, and now boasts a 13% lead for 2020.

Last but certainly not least is Nvidia, the chipmaker surging after news of its plans to purchase U.K.'s Arm Holdings from Japan's Softbank. Totaled at $40 billion, the purchase will include cash, a signing bonus, and a portion of Nvidia stock. Now up an impressive 118% for 2020, NVDA was last seen up 5.6% at $514.22 -- earlier hitting an intraday peak of $523.60. 

 

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