Monday's Headlines: Oracle Wins the Bid for TikTok

Monday's Headlines: Oracle Wins the Bid for TikTok

Here were the biggest movers in the MyWallSt shortlist on Friday:

Moving Up ⬆️

Under Armour (UAA) +5.4%

Cognizant Technology Solutions (CTSH) +4.0%

FedEx (FDX) +3.7%

Zillow (Z) +3.2%

Nike (NKE) +2.8%

Moving Down ⬇️

Chuy's (CHUY) -8.6%

IMAX (IMAX) -5.9%

Coupa Software (COUP) -4.3%

Peloton Interactive (PTON) -4.2%

Teladoc (TDOC) -4.2%

 

1. So there we have it — Oracle appears to have beaten out MicrosoftWalmartTwitter, and pretty much every other company on the planet in the race to nab TikTok's U.S. operations. The deal, which was disclosed last night by sources close to the matter, is expected to be formally announced later today. It appears to be more of a "partnership" between the two companies than an outright sale, although there has been little detail revealed so far about the exact nature of the agreement. However, it is expected that TikTok's technology and data will be a boon to Oracle's fledgling cloud-computing business, which has lagged behind the likes of Amazon and Microsoft to date. More on this here.

2. After a tough couple of days last week, the tech sector looks set for a boost this morning thanks to the news that Nvidia is buying Arm Holdings from the Japanese conglomerate SoftBank. The company, which designs the architecture of chips used in most mobile phones, is being bought by Nvidia for $40 billion at a time when SoftBank is looking to recoup some of the high-profile losses it suffered in the past year from the likes of WeWork and Uber. The deal should also give the tech-heavy Nasdaq index a shot in the arm after suffering a tough couple of days, dropping more than 4% by last Friday to record its worst week since March. Read more about the Nvidia acquisition here.

3. It looks as though Disney's theatrical woes are far from over after the live-action remake of 'Mulan' suffered an anemic opening weekend at the Chinese box office. Rattled by boycotts and poor reviews heading into its opening weekend in the region, the long-delayed movie pulled in just $23 million over the three-days — falling short of the totals recorded by other recently released movies likes Christopher Nolan’s 'Tenet' and the local war epic 'The Eight Hundred'. According to Disney, around 91% of China’s theaters were open over the weekend, marking the release as a huge flop in the region it was set in and compounding the pandemic-related troubles suffered by the company. More on this here.

JamesJames

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