Tale of the Tape
Good evening y’all.
Stocks started the week off strong. The Russell 2000 led while the Dow Jones lagged. Will this action continue? Time will tell.
Every sector closed green. Real estate and technology both gained over 2%.
Oracle was up 4% as we await the details of the TikTok deal.
DraftKings ripped 17% following news of an agreement with ESPN. See more below.
Immunomedics doubled on the sale to Gilead.
Penn and Tesla were up double-digits.
It was a wild day.
Here are the closing prints:
Tik Tok To Oracle?
The TikTok saga continues.
It appears Oracle won the bid for US operations of TikTok.
The company could be TikTok’s “trusted tech partner” in the US as the deal most likely won’t be an outright sale. ByteDance won’t sell TikTok’s algorithm.
US Treasury Secretary, Steven Mnuchin said this on CNBC regarding the deal:
We will be reviewing that at the CFIUS committee this week and then will be making a recommendation to the president and reviewing it with him. From our standpoint, we’ll need to make sure that the code is, one, secure, Americans’ data is secure, that the phones are secure and we’ll be looking to have discussions with Oracle over the next few days with our technical teams.
$ORCL was up 4.3%, here’s The Wall Street Journal with more.
If y’all thought the saga was over, think again… lol
Walmart shared the following statement after it was announced that Oracle won the bid:
Walmart continues to have an interest in a TikTok investment and continues discussions with ByteDance leadership and other interested parties. We know that any approved deal must satisfy all regulatory and national security concerns.
Nvidia’s $40B Arm Acquisition
Nvidia acquired semiconductor designer Arm Holdings for $40B, the largest acquisition in semiconductor history.
Nvidia’s CEO Jensen Huang commented this morning:
Together, [Nvidia and Arm are] going to create the world’s premier computing company for the age of AI.
Not so fast?
The $40B acquisition is raising questions.
The deal potentially challenges trade regulations and could lead to competitive pricing wars. It also poses neutrality concerns, since Nvidia’s engineers could get earlier access to Arm technology.
$NVDA gained 5.8%, here’s Forbes with more.
Money Moves 💸
DraftKings is making money moves. Last week the company added MJ as a special advisor, today it entered an agreement with the worldwide leader in sports, ESPN.
ESPN announced two separate deals with DraftKings and Caesars Entertainment.
DraftKings will be the sole provider of daily fantasy sports and the co-exclusive partner (with Caesars) for ESPN gambling link-outs.
Jason Robins, $DKNG CEO had this to say:
We look forward to this collaboration to exclusively showcase DraftKings’ daily fantasy content and offerings while also advancing further visibility and mainstream adoption of our regulated sports betting products.
$DKNG gained 17%, closing at a new all time high.
Here’s ESPN with more.
Stocktwits After Hours
Today on After Hours:
– Bonkers Deal from DraftKings
– Cisco Wins TikTok
– Nikola Update
New NYC Skyscraper
The latest edition to the New York City skyline officially opened this morning.
One Vanderbilt is the second-tallest office building in NYC.
She’s a beaut.
Despite low demand for office space, SL Green CEO Marc Holliday expects things to improve:
A lot of our tenants are in already or telling us they’re coming in the next month or two.
$SLG was up 6.3%, here’s Bloomberg with more.
Be sure to know when your stocks report earnings. Here’s the earnings calendar.
Links That Don’t Suck
📦 Walmart and Zipline Team Up to Bring First-of-Its Kind Drone Delivery Service to the United States
🗣 Investment Talk By Peter Lynch – Crossing Wall Street
🏠 ‘Fresh Prince of Bel-Airbnb’: Stay in the Iconic Mansion This Fall
🤝 Verizon to buy wireless services provider Tracfone in $6.25 Billion Deal
🐦 Birds are Mysteriously Dying in New Mexico in ‘Frightening’ Numbers
🏀 Nuggets beat Clippers, Force Game 7 after 19-point Comeback
🤣 Trump Jumps on Offer to Have Joe Rogan Moderate Debate with Joe Biden