In a major development in the technology sector, Cisco Systems (NASDAQ: CSCO ) announced on Thursday that it is acquiring cybersecurity company Splunk ( NASDAQ :NASDAQ: SPLK ) for $157 per share, in a cash deal valued at approximately $28 billion. The announcement led to a 4.2% drop in Cisco's share price, while Splunk's stock price surged by 21.2%.
On the same day, shares of Broadcom (NASDAQ:NASDAQ: AVGO ) fell by nearly 2% following reports that Google (NASDAQ: GOOGL ) may cease its collaboration with the artificial-intelligence chip supplier in favor of internally-developed chips as early as 2027.
In other market news, FedEx (NYSE:NYSE: FDX ) shares climbed 4.4% following mixed fiscal first-quarter earnings results. The company reported adjusted earnings of $4.55 per share, surpassing the $3.73 forecast by analysts polled by LSEG. However, its revenue of $21.68 billion fell short of expectations of $21.81 billion.
Shares of companies in the housing sector experienced a downturn on Thursday, after data revealed a decline in U.S. existing home sales in August due to tight supply and rising prices. Homebuilder stock KB Home (NYSE:NYSE: KBH ) slid 3%, PulteGroup (NYSE:NYSE: PHM ) was down 3.6%, D.R. Horton (NYSE:DHI) fell nearly 4%, and Zillow (NASDAQ:NASDAQ: ZG ) lost almost 3%.
Meanwhile, shares of streaming companies Paramount (NASDAQ:PARA), Netflix (NASDAQ:NASDAQ: NFLX ), and Disney (NYSE:NYSE: DIS ) moved higher as writers and producers neared a potential end to the Writers Guild of America strike.
In financial news, investors are still processing the latest interest rate decision from the Federal Reserve. The central bank left rates unchanged but signaled a potential interest rate hike before the end of the year.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.