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A sign is posted in front of a Broadcom office on June 03, 2021 in San Jose, California.
Justin Sullivan | Getty Images News | Getty Images
Check out the companies making headlines in midday trading.
Cisco Systems, Splunk — Shares of Cisco fell 4.2% on Thursday after the company said it is acquiring cybersecurity software company Splunk for $157 per share in a cash deal worth about $28 billion. Splunk’s stock price popped 21.2% on news of the deal.
KB Home — The homebuilder stock slid 3% after saying it expected its gross housing margin to shrink in the current quarter. KB Home posted its fiscal third quarter report Wednesday evening, reporting earnings of $1.80 per share on revenue of $1.59 billion. Analysts polled by LSEG called for earnings of $1.43 per share and revenue of $1.48 billion.
Fox Corp, News Corp — Shares of Fox and News Corp gained 3% and 2%, respectively, on news Thursday that Rupert Murdoch is stepping down as chairman of both companies.
Broadcom – Shares of Broadcom moved lower by almost 2%. The action follows a report by The Information that Google is holding internal discussions about dropping the artificial-intelligence chip supplier in favor of its own internally-developed chips as soon as 2027.
Eli Lilly — Shares were down 4% after the company earlier this week sued several clinics and pharmacies across the U.S. for allegedly selling cheaper, unauthorized versions of the company’s diabetes drug Mounjaro.
Klaviyo — The marketing automation company stock dipped 4%. Shares of Klaviyo opened Wednesday at $36.75 on the New York Stock Exchange, which was greater than the company’s offering price of $30 per share.
PulteGroup, Zillow Group, D.R. Horton — Shares of companies in the housing industry fell on Thursday, after data showed that U.S. existing home sales fell in August as tight supply raised prices. PulteGroup was down 3.6%. D.R. Horton fell nearly 4%, and Zillow lost almost 3%.
FedEx — Shares gained 4.4% a day after the company reported mixed fiscal first-quarter earnings. FedEx reported adjusted earnings of $4.55 per share, greater than the $3.73 forecast by analysts polled by LSEG. Its revenue of $21.68 billion came in below expectations of $21.81 billion.
Paramount, Netflix, Disney — Shares of streaming companies moved higher as writers and producers neared a potential end to the Writers Guild of America strike, people close to the negotiations told CNBC’s David Faber on Wednesday. Paramount was higher by 2%, while Netflix and Disney each gained roughly 0.5%.
— CNBC’s Alex Harring, Tanaya Macheel and Samantha Subin contributed reporting.
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