It’s M&A Monday and stocks are on the rise.
Nvidia (NVDA) – Get Report announced a $40 billion acquisition of chip designer Arm Holdings, and then there’s Gilead Sciences’ (GILD) – Get Report $21 billion purchase of Immunomedics and both deals were boosting sentiment as were comments from Pfizer’s CEO that the company should know by the end of October whether its coronavirus vaccine candidate will work.
If Pfizer’s Covid-19 vaccine gets approved, it could be distributed in the U.S. by the end of 2020, said CEO Albert Bourla.
Meanwhile, AstraZeneca (AZN) – Get Report, which last week paused the late-stage trial it has been conducting with researchers at Oxford University following the unexplained illness of one of its participants, resumed testing over the weekend.
Oracle confirmed comments from Treasury Secretary Steve Mnuchin earlier Monday that suggested the cloud and software giant could be considered a technology partner to ByteDance, TikTok’s China-based parent company, as it looks to meet a Sept. 20 deadline to sell its U.S. business or face a shutdown in its second-largest market.
ByteDance rejected a competing offer from Microsoft on Sunday, which paved the way for an Oracle-led consortium to pick up the U.S. assets.
Here’s what Jim Cramer thinks about the markets and how he and Action Alerts PLUS are approaching trading Monday.
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Author: Atherine Ross
Source: The Street: Jim Cramer: Nvidia’s Going to Surpass Intel