Diamonds and Dogs
Merger Monday is back. Biotech, Immunomedics (IMMU) is jumping 100% after agreeing to be acquired by Gilead for $21 billion in cash. Biotech, Seattle Genetics (SGEN) is up 8% after accepting a $4.2 billion investment from Merck. America Movil (AMOV) is up 6% after selling their prepaid mobile division called, Tracfone to Verizon for $6.2 billion. And finally, Oracle (ORCL) is higher after ByteDance chose them to be TikTok's U.S. technology partner instead of Microsoft.
Downgrade for Kroger (KR). The largest US grocery retailer is down 3% on a downgrade. The company benefitted from pantry-stocking during the pandemic, but one analyst believes sales and profits will moderate while comparisons will get tougher going forward.
Diamonds and Dogs market commentary is a journal of daily observations on anything that happens to be of interest to our author. Obviously, our primary focus is the stock market and world economic events, but for this page we have no defined topics. We want this page to be dedicated to the interests, concerns, and possibly to the financial gain of our clients and friends. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.