On this edition of Stock Movers:
- GameStop (GME) shares plummeted today. The company had two developments. First, GameStop is focused on growing its trading card business. That is according to CEO Ryan Cohen. The business of Pokémon and sports trading cards “is in line with our heritage,” Cohen said. “It fits our trade-in model, it appeals to our core customer base and it’s deeply embedded in physical retail.” The second development is GameStop plans to offer $1.75 billion worth of convertible bonds, which would make the video-game retailer one of the year’s biggest issuers of the equity-linked securities.
- BioNTech (BNTX) agreed to buy former Covid vaccine rival CureVac NV (CVAC) for about $1.25 billion in an all-stock transaction that will boost its growing oncology business. CureVac investors will get approximately $5.46 in BioNTech shares for each CureVac one, the companies said Thursday. The price represents a 34% premium to CureVac’s closing share price on Wednesday. CureVac shareholders will own between 4% and 6% of BioNTech once the deal closes. Shares of BioNTech are flat while CureVac shares surged.
- Oracle (ORCL) shares soared to a record high after the software maker projected a 70% gain in cloud infrastructure sales this fiscal year, giving a bullish outlook for the closely watched business. The company, long known for its database software, has been gaining traction in its effort to become a major player in the business of cloud computing — renting out computing power and storage — by targeting clients focused on artificial intelligence work. Earlier this year, it announced a joint venture dubbed Stargate to provide OpenAI with massive sums of computing power.
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