Stocks posted broad declines last week as the tech sell-off continued to shake up the market. The Nasdaq fell more than 4.0%, while the S&P 500 and DJIA lost 2.5% and 1.7%, respectively.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
Early-morning futures action indicates the market is headed for a higher open. Nasdaq futures jumped 1.3% ahead of the open, while S&P 500 futures gained 1.0%.
Stocks were mostly higher in Asia overnight. Japan’s Nikkei 225 gained 0.7% and China’s Shanghai Composite jumped 0.6%. In Europe, markets are split between modest losses and slim gains. The Eurozone Stoxx 600 is currently flat.
Today’s featured earnings schedule includes post-close reports from Aspen Group [ASPU] and Lennar [LEN].
Here’s what’s moving the market this morning:
Oracle Corp. (ORCL)
Oracle won its bid to acquire TikTok’s U.S. operations from Beijing-based ByteDance, but it’s a complicated deal. New Chinese national security laws make acquiring TikTok’s proprietary algorithm a complicated task. Early reports indicate the Oracle acquisition will function more like a partnership than a straight-up buyout.
The Silicon Valley tech firm has no history in the social media space, but it’s hoping the acquisition will help it kick-start its struggling cloud computing business. Oracle beat out a competing effort from Microsoft [MSFT] and Walmart [WMT] to win the bid. The deal’s financial details haven’t been released as of yet.
ORCL is this morning’s most active S&P 500 stock and it’s currently up 10.3% in the extended-hours trading session.
NVIDIA Corp. (NVDA)
NVIDIA is ticking higher in the pre-market after announcing a record-breaking acquitision. On Sunday, NVIDIA announced it had acquired Softbank’s UK-based chip manufacturer Arm Ltd. The $40 billion cash-and-stock deal is the chip sector’s largest transaction ever, and it’s expecting to close in about 18 months.
NVDA is up 5.7% on active trading volume in the pre-market trading session.
Immunomedics Inc. (IMMU)
Shares of Immunomedics are skyrocketing on news that Gilead Sciences [GILD] will acquire the mid-cap drugmaker. Gilead will pay $88 per share to acquire Immunomedic’s outstanding stock for a total cost of $21 billion. The deal will bolster Gilead’s cancer drug portfolio with the addition of Immunomedic’s breast cancer drug Trodelvy, which received accelerated FDA approval in April.
Gilead is paying a 108% premium to acquire Immunomedics, but the market is already closing the gap. IMMU is one of this morning’s most active stocks and its up 106.3% in the pre-market.
J.Jill (JILL)
Women’s apparel retailer J.Jill obtained support from its lenders for an out-of-court alternative to a bankruptcy fling. The firm avoided bankruptcy by securing support from 95% of its lenders to an out-of-court settlement that allowed the firm to postpone its debt maturities by two years until May 2024. Lenders also agreed to provide the retailer with at least $15 million in additional loans.
If J.Jill couldn’t get the support from its lenders, it would’ve been forced to file for bankruptcy with a pre-packaged Chapter 11 reorganization plan. J.Jill must’ve made a persuasive case to to convince its lenders to sign-off on the deal and lend them more money.
News of the out-of-court settlement set off a sharp relief rally in shares of JILL. The stock is trading actively and it’s up 76.3% in the extended hours trading session.
