Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Monday, the 26th of August.
The big news today is that Amgen (NASDAQ:AMGN) has agreed to buy Onyx Pharmaceuticals (NASDAQ:ONXX) for $10.4 billion. Amgen, the world's biggest biotechnology company, was missing from one of the biggest and fastest growing markets, cancer drugs. With the acquisition of Onyx Pharmaceuticals, Amgen will gain access to the company's three anticancer treatments. I will be analyzing Amgen today using our Trade Triangle technology and will share with you the trading results for the year so far.
On Friday, I talked about Microsoft (NASDAQ:MSFT) and the fact that the CEO Steve Ballmer was leaving the company. Here is a stock that has gone nowhere in 10 years, and no matter who takes over, it is going to take a long time to extricate themselves from many of the complexities of that business. I see this stock going nowhere in a hurry.
Don't let anybody tell you that there is no money in electric cars. Tesla (NASDAQ:TSLA) as a company is now worth over $20 billion!!