A sign is posted in front of a Broadcom office in San Jose, California, on June 3, 2021.
Justin Sullivan | Getty Images News | Getty Images
Discover the latest market buzz during midday trading.
Cisco Systems, Splunk — The shares of Cisco fell by 4.2% on Thursday as the company announced its acquisition of cybersecurity software company Splunk for a cash deal of $28 billion, or $157 per share. The news caused Splunk’s stock price to surge by 21.2%.
KB Home — Following their fiscal third-quarter report, KB Home’s stock slid by 3%. The report indicated that the company expects its gross housing margin to shrink in the current quarter. Analysts had predicted lower earnings and revenue, with LSEG expecting earnings of $1.43 per share and revenue of $1.48 billion, compared to KB Home’s actual earnings of $1.80 per share on revenue of $1.59 billion.
Fox Corporation, News Corp — On Thursday, Fox Corporation and News Corp saw a 3% and 2% increase in their shares, respectively, as news broke of Rupert Murdoch stepping down as chairman of both companies.
Broadcom — Following The Information’s report that Google is considering dropping Broadcom as its artificial intelligence chip supplier, Broadcom’s shares decreased by nearly 2%. However, a Google spokesperson stated that the company remains engaged with Broadcom and other suppliers for the foreseeable future.
Eli Lilly — After filing a lawsuit against several clinics and pharmacies in the U.S., Eli Lilly’s shares dropped by 4%. The company alleges that these clinics and pharmacies have been selling unauthorized and cheaper versions of their diabetes drug, Mounjaro.
Klaviyo — The marketing automation company’s stock dipped by 4% as shares opened on the New York Stock Exchange at $36.75, higher than the offering price of $30 per share.
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