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Trump expected to rule on TikTok deal in 24-36 hours, Oracle to take 20% stake
PUBLISHED THU, SEP 17 20209:58 AM EDTUPDATED 24 MIN AGO
Alex Sherman
@SHERMAN4949
Lauren Feiner
@LAUREN_FEINER
President Trump is expected to decide on TikTok’s fate in the U.S. in the next 24-36 hours, sources told CNBC’s David Faber.
Walmart is expected to partner with Oracle in a deal where Oracle would own roughly 20% of the social media app, according to the sources.
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VIDEO03:13
Trump expected to rule on TikTok deal in the next 24 to 36 hours, sources tell CNBC
President Donald Trump is expect to decide on TikTok’s fate in the U.S. in the next 24-36 hours, sources told CNBC’s David Faber.

Walmart is expected to partner with Oracle in a deal where the latter would own roughly 20% of the social media app, according to the sources.


The Treasury Department sent major revisions about security issues on the TikTok/Oracle term sheet Wednesday night, sources told CNBC’s Sara Eisen. ByteDance has fully agreed to those revisions, the sources said.

Trump has been meeting with Cabinet members and other advisers as he decides whether or not to approve the deal, according to others familiar with the matter, who asked not to be named because the talks are private. There are mixed points of views among his advisers, who include Secretary of State Mike Pompeo, Secretary of Treasury Steve Mnuchin and Jared Kushner, the president’s son-in-law, one of the people said.

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Bytedance has agreed to Treasury revisions on TikTok deal
Trump said Wednesday he objected to the idea that Beijing-based ByteDance would retain a majority stake in TikTok’s U.S. operations. Still, people familiar with the matter say the ownership stake percentages haven’t been a topic of negotiation and are unlikely to change.

Walmart CEO Doug McMillon is expected to have a seat on the newly formed board of directors for TikTok’s U.S. operations. Walmart declined to comment.

“From the standpoint of ByteDance we don’t like that,” Trump said Wednesday of the Chinese company retaining a majority stake in the business. “I mean, just conceptually I can tell you I don’t like that.”


A deal that keeps ByteDance as a majority stakeholder in TikTok’s U.S. operations will contradict Trump’s earlier pronouncements that the only remedy to a U.S. ban is a sale to a U.S.-based company. TikTok selected Oracle’s offer to be a “trusted technology partner” and a minority stake holder earlier this week over Microsoft’s offer, which had been in talks to acquire all of TikTok’s U.S. assets, as well as in Canada, Australia and New Zealand.

“I set a date of around Sept. 15 at which point it’s going to be out of business in the United States,” Trump said in an Aug. 3 news conference. “So it’ll close down on Sept. 15 unless Microsoft or somebody else is able to buy it and work out a deal, an appropriate deal, so that the Treasury of the United States gets a lot of money.”

Chinese officials would also have a say in any potential deal involving TikTok, which could further complicate any resolution.

Trump on Wednesday also backed off his desire to demand “key money” from allowing the transaction, saying his lawyers told him it was illegal.

“Amazingly I find that you’re not allowed to do that,” Trump said. “I said, ‘What kind of a thing is this?’ If they’re willing to make big payments to the government, they’re not allowed because there’s no way of doing that from a — there’s no legal path to do that.”

-CNBC’s Melissa Repko contributed to this report.

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Stocks making the biggest moves midday: Snowflake, Ford, Penn National Gaming, Tesla & more
PUBLISHED THU, SEP 17 202012:01 PM EDT
Pippa Stevens
@PIPPASTEVENS13
Snowflake banners decorate the New York Stock Exchange to market the debut of the software company's shares in New York on Sept. 16, 2020.
Snowflake banners decorate the New York Stock Exchange to market the debut of the software company’s shares in New York on Sept. 16, 2020.
Source: Snowflake
Check out the companies making headlines in midday trading.

Tesla — Shares of the electric automaker shed more than 3% ahead of the company’s widely-anticipated Battery Day on Tuesday. “Our best guess: TSLA will announce plans to significantly expand battery cell manufacturing capacity to meet growing vehicle production,” research firm Baird said in a note to clients Thursday.


Dave & Buster’s Entertainment — The restaurant and arcade chain’s stock fell more than 19% after the company warned of bankruptcy if an agreement can’t be reached with lenders, according to a report from The Wall Street Journal. The company will also lay off more than 1,300 employees, according to locally filed WARN notices.

Domino’s Pizza — Shares of the pizza chain rose more than 1% after Oppenheimer named the stock a top idea. The firm said in a note to clients that Wall Street was underestimating the company’s same-store sales growth in 2021.

Ford – The stock jumped 4% after the automaker said it plans to differentiate its upcoming all-electric F-150 pickup from Tesla and General Motors’ competitive offerings by pivoting to heavy-duty hauling and towing rather than recreation. Pickups are key to Ford’s profitability as the series generated about $42 billion in revenue last year in the U.S., or about 30% of its total sales in 2019.

Herman Miller — The furniture stock soared more than 32% after the company beat earnings estimates and reinstated its dividend. Herman Miller reported adjusted earnings per share of $1.24 for its fiscal first quarter, while analysts surveyed by FactSet expected just 26 cents. Revenue also topped estimates by nearly 20% but was down compared with 2019. The company’s reinstated quarterly dividend will be just under 19 cents per share.

Snowflake — Alongside other technology stocks, shares of software company Snowflake fell more than 8% following its IPO on Wednesday, which was the biggest software market debut in history. The stock surged 111% in its first day of trading. Snowflake was worth $70.4 billion at the end of trading, more than five times its $12.4 billion valuation from February.


Penn National Gaming — Shares of the sports betting company surged more than 6% after Stifel hiked its price target to $80 per share from $47 per share. The gaming company made a significant investment earlier this year in Barstool Sports, a sports media company led by Dave Portnoy, and has seen its stock soar. The “Portnoy Momentum Trade” still has room to run, the note said.

First Solar — Shares of the solar panel installer slid more than 11% after the company announced a secondary offering of roughly 8.6 million shares, which is equivalent to 8.2% of outstanding shares. The stock is being sold by early investor Lukas Walton, meaning no new shares will be offered. First Solar will not receive any proceeds from the sale.

Stitch Fix – Shares of Stitch Fix gained more than 1% after Needham upgraded the online personal styling service to buy from a hold rating. The Wall Street firm said the company is becoming stronger by diversifying its model and getting more aggressive with client acquisition, while also benefiting from secular tailwinds.

— CNBC’s Maggie Fitzgerald, Yun Li and Jesse Pound contributed reporting.

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