Shares of Alibaba Group Holding Limited (BABA) are lower by 1.13% to $63.21 in pre-market trading on Tuesday following calls from the American Apparel and Footwear Association to the U.S. Trade Representative’s office to rename the e-commerce giant’s shopping website ‘Taobao’ a ‘Notorious Market’ for alleged persistent intellectual property rights violations.
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PMC-Sierra Inc. (PMCS) shares spiked 33.16% to $10.24 in pre-market trading following this morning’s announcement of deal to be acquired by Apple Inc’s (AAPL) chip supplier Skyworks Solution (SWKS) for $10.50 per share, a 37% premium to PMC’s closing price of $7.69 on Monday.
The boards of both Skyworks and PMC have approved the deal, which is expected to close in the first half of fiscal 2016.
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Shares of NovoCure Limited (NVCR) are up $2.29, or over 12%, at $20.98, after the company announced that the FDA has approved Optune in combination with temozolomide for the treatment of adult patients with newly diagnosed glioblastoma.
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Shares of Amazon.com (AMZN) are down marginally in pre-market hours despite a positive article in Monday’s edition of re/code. The publication notes the Seattle-based e-commerce giant is “eviscerating” online rivals with more than 4 in 10 customers going to Amazon first when searching for products online.
“In a survey of 2,000 online shoppers in the U.S., 44 percent of respondents said they go directly to Amazon when looking to buy or research a product online. Thirty-four percent use search engines like Google as first stops for product searches. And just 21 percent start an online shopping trip by searching on another retailer’s website,” re/code said, citing a survey commissioned by the e-commerce software startup BloomReach. [emphasis added]
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