Splunk's stock soars on Cisco takeover, FedEx lifted by improved outlook and more companies on the move

Splunk Inc.’s stock SPLK, +21.30% surged more than 21% following the announcement of Cisco Systems Inc.’s CSCO, -3.99% deal to acquire the company for about $28 billion.

Shares of FedEx Corp. FDX, +5.37% rose more than 4% after the package-delivery company raised its full-year profit outlook, crediting efforts to cut billions in costs for helping its bottom line despite weaker shipping demand that weighed on sales. CrowdStrike Holdings‘ stock CRWD, +0.31% rose 1.5% as the cloud security firm raised its target for subscription gross margins by 400 basis points and for operating margins by 900 basis points.

Shares of digital-marketing platform Klaviyo Inc. KVYO, +4.25% were up almost 1.4%, after finishing 9.2% higher on its trading debut. The stock was down premarket before rallying.Cisco’s stock fell more than 3% after the announcement of the deal to acquire Splunk. KB Home’s stock KBH, -3.18% fell more than 4%, even as the home builder posted earnings ahead of estimates and guided for full-year revenue above estimates.

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These Stocks Are Moving the Most Today: Splunk, Cisco, Broadcom, FedEx, KB Home, Klaviyo, and MoreCisco will buy Splunk in deal valued at $28 billion, FedEx reports better-than-expected fiscal first-quarter earnings, and Klaviyo shares decline after the...
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Cisco acquiring cybersecurity company Splunk in cash deal worth $28 billionCisco said it was acquiring cybersecurity software company Splunk for $157 a share in a cash deal worth about $28 billion.
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