It’s a happy Cyber Monday for major retailers, with expectations for a record day of online sales.
Shares of e-commerce giant Amazon (AMZN) are up about 0.5%. Meanwhile, retailers like Best Buy (BBY), Gap (GPS) and JCPenney (JCP) are trading higher on some positive early Black Friday results. JCPenney’s website saw the most visits of any day so far this year.
And the Koch brothers are now one step closer to becoming media moguls. Shares of Time Inc. (TIME) are surging after Meredith (MDP) said it struck a deal to buy Time for $1.85 billion in cash, with a little help from the Kochs. This comes after Meredith unsuccessfully tried to buy Time earlier this year and in 2013.
Billionaires Charles and David Koch contributed about $650 million to help the deal go through. Meredith said that the Koch brothers “will have no influence on Meredith’s editorial or managerial operations.”
Finally, shares of Alkermes (ALKS) climbed 2% and then retreated on news that the biopharmaceutical company is working with Biogen (BIIB) on a treatment for multiple sclerosis. Biogen will pay Alkermes a royalty on worldwide net sales of the drug.