Oracle jumps on rumoured TikTok deal

3:04 PM September 15, 2020

Oracle Corp (ORCL.US) jumped almost 3% during today session on rumoured TikTok deal. According to CNBC, a U.S. decision on Oracle’s bid for TikTok’s U.S. operations is “moving at a clip” and a decision “could come today”. White House adviser Jared Kushner said he hopes a proposed deal could win approval. Trump administration is said to be proceeding with a national security review of the transaction right now. What is more, Treasury Secretary Mnuchin stated that the deal would create “TikTok Global” which could add 20,000 jobs in the U.S. - a potentially important factor for Trump’s presidential campaign.

Oracle (ORCL.US) stock has been testing the upper limit of an upward channel recently. Shares are gaining steam during today’s session as investors clearly bet on a possible deal. Source: xStation5

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