Why Oracle's Stock Is Trading Higher Today

Oracle Corporation ORCL shares are trading higher following a report suggesting the company is interested in acquiring TikTok.

"[Oracle] had held preliminary talks with TikTok’s Chinese owner, ByteDance, and was seriously considering purchasing the app’s operations in the US, Canada, Australia and New Zealand," according to Financial Times. "Oracle was working with a group of US investors that already own a stake in ByteDance, including General Atlantic and Sequoia Capital, the people added."

Oracle provides products and services that address enterprise information technology environments worldwide. The company's cloud and license business engages in the sale, marketing, and delivery of its applications and infrastructure technologies through cloud and on-premise deployment models.

Oracle's stock was trading up 2.5% at $55.34 per share on Monday at the time of publication. The company has a 52-week high of $57.84 and a 52-week low of $39.71.