Diamonds and Dogs

9/14/20

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.

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