Stocks Higher on Deal News - TheStreet

Stocks Higher on Deal News

E-commerce giant Alibaba pushes into brick-and-mortar retailing, while Marvell makes a buyout bid for a rival.
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Stocks rose to start the shortened trading week, with the Dow, the Nasdaq and the S&P 500 all in the green.

Shares of Alibaba Group Holding Ltd. (BABA) - Get Report rose after the company agreed to acquire a major stake in China's largest supermarket operator, Sun Art Retail Group. The move is part of the Chinese e-commerce giant's push into bricks-and-mortar retailing. Alibaba will pay about $2.9 billion for a 36% stake in Sun Art Retail.

Chipmaker Marvell Technology Group Ltd. (MRVL) - Get Report shares jumped after it agreed to buy rival Cavium Inc. (CAVM) for about $6 billion.

Under the terms of the agreement, Marvell will pay Cavium shareholders $40.00 in cash and about 2 Marvell common shares for each share of Cavium common stock, Marvell announced early Monday. The transaction is expected to close in mid-2018.

Bitcoin has reached a new record. The cryptocurrency rose above $8,000 on Sunday and is now trading above $8,200 dollars.

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