Morning Buzz: Alibaba Group (BABA), PMC-Sierra (PMCS), NovoCure (NVCR), (AMZN)

Wall Street

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.

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.

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.

Shares of (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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