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Oracle over Microsoft?: ByteDance, TikTok's parent company said that it would not be selling TikTok's US operations to Microsoft. Sources have said that Oracle has won the bid to create a technology partnership with TikTok in the US. This announcement comes two days before the deadline imposed by Washington, and still needs approval by the White House and the Committee on Foreign Investment in the U.S.
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Retail Investors Playing a Role: A Jefferies strategist recently quantified what many have already expected…that retail investors, with the accessibility of platforms like Robinhood, are playing an outsized role in this market recovery. In 2009 retail investors accounted for 25% of trades whereas today that are responsible for 44%.
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Inflation Worries: Last Friday the Bureau of Labor Statistics reported that CPI has risen by more than expected (0.4%) in August. Many analysts have expected inflation to remain muted due to the fact that the higher unemployment is supposed to be decreasing consumer demand and consequently prices. This recent rise in the CPI, however, was driven by a 5.4% increase in used-car prices as more individuals want to avoid public transportation or seek a car as the movement from cities to suburbs continues.
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Pharma M&A Continues: Over the weekend Gilead announced that it will acquire Morris Plains, NJ based Immunomedics for roughly $21 billion in cash. This acquisition price is more than 2x greater than the market value that Immunomedics held on Friday. The move shows Gilead’s continued focus on adding breast-cancer treatments to its portfolio.
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SoftBank Contemplates New Strategy: Executives of the Japanese conglomerate are rumored to be revisiting plans to potentially take the company private. The strategy is meant to address a frustration that SoftBank is continually trading at a discount in the public markets compared to the underlying value of its individual holdings.
Reports this week include:
Tuesday: FOMC meeting
Wednesday: FOMC, August Retail Sales
Friday: Survey of Consumers (UMich)
