TikTok talks with Microsoft unlikely to end in deal: SCMP Rpt

TikTok will unlikely come to a deal with Microsoft. Yahoo Finance's On The Move panel shares the details.

Video Transcript

ADAM SHAPRIO: Yahoo Finance "On the Move" breaking news right now. The "South China Morning Post" reports that TikTok's talks with Microsoft are unlikely to end in a deal. Once again, the "South China Morning Post" reporting that Microsoft's bid to potentially buy TikTok unlikely to end with a. Deal Jared Blikre, is anybody gaining on that news?

JARED BLIKRE: We actually have shares of Snap leading higher right now. And just looking at some of the action after that was announced, pretty impressive here. Of course, TikTok and ByteDance are private companies, but Snap was able to pare its losses and now has a gain of about 3/4 of a percent.

Let's take a look at some of the other markets. Energy is doing well today. We had Saudi Aramco earnings earlier this morning, and we can see the stock is up about 15 basis points here. But they suffered a drop in net profit of over 50%. They were only able to rake in about $23 billion, $23.5 billion for the first half of the year. And their dividend that they're paying out is $37.5 billion, so they're going to have to make that up somewhere.

But we can take a look at the Dow. We are beginning the week on kind of a light note right here-- low-volume, kind of choppy action. Here's what's happened over the last three months in the Dow if we can get back to that. There we go. And we can see we are now testing these June highs from earlier a couple months ago.

Look at the NASDAQ. It is weak again today. Now, tech software kind of dragging it down. And let's take a look at the NASDAQ 100. And we can see the FANG stocks might mainly in the red except for Apple near its record high. It's up nearly 1% here. Microsoft leading to the downside among the big names, down over 2%. We just got that news about TikTok might not have a deal with Microsoft, but the stock was already down before that.

Let's take a look at the winners and losers here. And we can see United is leading the way higher along with Ulta Beauty and [? raw ?] [? stores. ?] So retail and travel lighting it up right now. Expedia and Marriott also at the top there, so an impressive comeback for those names.

Mercado Libre is the biggest loser right now. They had a disappointing outlook when they delivered their earnings before the bell today. Zoom, off 4%, is also a loser. Let's take a look at the sectors, actually, before we go. Energy is the biggest gainer along with industrials, each up over 2%. And we have discretionary and financials. To the downside, tech. Tech is the biggest loser, Adam.