Medical device maker Stryker Corp. (SYK) announced that it purchased NOVADAQ Technologies (NVDQ) for $701 million, or $11.75 per share.

NOVADAQ is a developer of fluorescence imaging technology that provides surgeons with visualization of blood flow in vessels.

Stryker shares were up 44 cents, or 0.31%, to $142.68 premarket Monday. 

"This transformative transaction recognizes the exceptional value we have built at NOVADAQ. Moreover, we believe it creates a strong opportunity for NOVADAQ, its customers, partners, shareholders, and employees," said NOVADAQ CEO Rick Mangat.

NOVADAQ shares were up 95% before the opening bell. 

What's Hot On the TheStreet

All eyes on Apple this week: Apple's (AAPL) stock will be on the minds of Wall Street bit more than the norm this week. Shares of the tech giant have fallen 6.9% since the Nasdaq's peak on June 8 amid a broader selloff in tech. Not helping near-term sentiment on the company are two rare analyst downgrades that have questioned how big a seller the iPhone 8 will be.

But investors shouldn't be ready to throw in the towel on Apple by any stretch of the imagination.

"When you have these sellers come in, all you have to do is wait them out -- and one of the things I learned as a hedge fund manager is that patience is a true virtue," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on Apple's recent slide.

Not so fast, Amazon: Amazon's (AMZN) $13.7 billion bombshell bid for organic grocer Whole Foods (WFM) may not be a done deal, reports TheStreet's Lindsay Rittenhouse.

After the deal was announced on Friday, U.S. Rep. Ro Khanna (D-Calif.) urged the U.S. Department of Justice to conduct a review on the merger's legality and possible harm to the economy.

"I am concerned about what this deal means for suppliers and neighborhood grocery stores," Khanna said in a statement. "The Justice Department and FTC must undertake a review that considers not just the merger's impact on prices, but also the impact on jobs and wages. We need to reorient antitrust policy to factor in the harm that economic concentration causes for American workers."

Meanwhile, Whole Foods shares are trading above Amazon's offer price as to suggest a bidding war may ensue.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio . Want to be alerted before Cramer buys or sells AAPL? Learn more now.

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