Overstock, Micron, Nvidia: Midday Tech Stock Movers

Stocks rose on Monday following news of two major tech deals. Here are some of today's top tech-stock movers.
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Stocks were up on Monday on a flurry of M&A news and positive developments on a covid-19 vaccine by Pfizer  (PFE) - Get Report. Here are some of the biggest tech movers for Sept. 14. 


Shares of Overstock  (OSTK) - Get Report rose 10% to $72.13 after Needham initiated coverage of the stock with a buy rating. The investment firm wrote that the company is "benefiting from external and internal factors that are driving an acceleration in revenue growth and market share gains," including an overall shift to online purchasing for home goods.


Shares of Micron  (MU) - Get Report rose 6.8% to $49.23 after Goldman Sachs upgraded the stock from buy from neutral and affirmed a $58 price target. Analysts wrote that "signs of supply discipline on the part of the memory suppliers (i.e. capital-expenditure cuts) and price stabilization will serve as potential catalysts for the stock." Micron stock has underperformed the market this year, down 11% year to date, tied to pricing weakness in DRAM and NAND products. 


Shares of Nvidia  (NVDA) - Get Report jumped 5.6% to $513.86 after it reached an agreement to acquire Arm Holdings from SoftBank for $40 billion. Nvidia said in a news release on Monday that the deal will be immediately accretive to Nvidia's non-GAAP gross margin and non-GAAP per-share earnings. 


Shares of Oracle  (ORCL) - Get Report rose 4.9% to $59.77 after the company confirmed that it is a "trusted technology partner," as part of a consortium presented to the U.S. government, to acquire the U.S. assets of TikTok. Microsoft  (MSFT) - Get Report said in a news release on Sunday that its bid was rejected, leaving Oracle as the likely suitor. Oracle's bid is backed by private equity firms Sequoia Capital and General Atlantic, according to reports. 


Peloton  (PTON) - Get Report stock fell 4.2% to $80.50 on Monday. Gyms and indoor fitness studios have been approved to partially reopen in some municipalities, such as San Francisco and the New York City area.