Stocks traded lower Thursday after the Federal Reserve held interest rates steady but signaled that one more quarter-point rate hike was possible this year. The central bank also projected rate cuts in 2024 but not as many as it previously did. The Bank of England also left interest rates unchanged in a surprise move.
These stocks were making moves Thursday:
Splunk
(ticker: SPLK) shares soared 21% to $145.12 after networking equipment maker
Cisco Systems
(CSCO) said it would acquire the cybersecurity and data analytics software company for $157 a share in cash in a deal with an enterprise value of about $28 billion.
Cisco
stock fell 4%.
FedEx
(FDX) shares rose 5.3% after the shipping company reported fiscal first-quarter earnings that beat analysts’ estimates and an increase in operating margins amid cost-cutting measures.
FedEx
also boosted its fiscal-year guidance, saying it expects adjusted profit of $17 to $18.50 a share, up from its previous forecast of $16.50 to $18.50. Rival
United Parcel Service
(
UPS
) was down 0.1%.
Klaviyo
(KVYO) was up 5.2% to $34.46 after the Boston-based marketing software company opened for trading Wednesday at $36.75, up 23% from the initial offering price of $30, and closed at $32.76, up 9.2%.
D.R. Horton
(DHI) and
KB Home
(KBH) were falling 3.9% and 3.4%, respectively, after home prices climbed in August as sales dwindled. Separately, D.R Horton named Paul J. Romanowski as president and chief executive, effective Oct. 1. He will be replacing David V. Auld, who will transition to executive vice chairman of the board.
KB Home
(KBH), meanwhile, posted better-than-expected fiscal third-quarter earnings and raised its fiscal-year revenue forecast.
Broadcom
(AVGO) was falling 3.3% after the Information reported
Alphabet
‘s (GOOGL) Google has discussed dropping Broadcom as a supplier of artificial intelligence as early as 2027.
FactSet Research
(FDS) gained 5.1% even after the global provider of integrated financial information posted adjusted fiscal fourth-quarter earnings that missed analysts’ estimates.
Nutanix
(NTNX) rose 1.7% after the cloud-computing company was upgraded to Buy from Neutral at
BofA.
Frontier Group
(ULCC) fell 1.7% after the airline company was downgraded to Neutral from Buy at
Citi.
CrowdStrike Holdings
(CRWD) was rising 0.4% after the cybersecurity company announced at a briefing at Fal.Con that it was raising its new target model of subscription gross margin to 82%-85% of revenue, up 400 basis points from its previous target, and boosting its operating margin target to 28% to 32%, up 900 basis points. The company said the timeframe for meeting those targets was three to five years.
Write to Joe Woelfel at [email protected]
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