Stocks fell 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.
Here are the stocks making moves:
• Splunk (SPLK) shares soared 21% after Cisco Systems (CSCO) said it would acquire the cybersecurity and data analytics software company for $157 a share in cash.
• FedEx (FDX) shares rose 4.5% after the shipping company reported fiscal first-quarter earnings that beat analysts' estimates.
• KB Home (KBH) stock slid 4.3% after saying it expected its gross housing margin to shrink in the current quarter.
• Fox Corporation (FOXA) and News Corp (NWSA) shares gained 3.2% and 1.3%, respectively, on news that Rupert Murdoch is stepping down as chairman of both companies.
• Broadcom (AVGO) shares moved lower by almost 2.7% after a report that Google is holding internal discussions about dropping the AI chip supplier in favor of its own internally developed chips as soon as 2027.
• Eli Lilly (LLY) shares were down 3.4% after the company sued several clinics and pharmacies across the U.S. for allegedly selling cheaper, unauthorized versions of the company's diabetes drug Mounjaro.
• Klaviyo (KLVO) stock closed Thursday roughly 2.9% higher.
• PulteGroup (PHM), Zillow Group (ZG), and D.R. Horton (DHI) shares fell Thursday after data showed U.S. existing home sales fell in August as tight supply raised prices.
• FedEx (FDX) shares gained 4.4% a day after the company reported mixed fiscal first-quarter earnings.
• Paramount (PARA), Netflix (NFLX), and Disney (DIS) shares moved higher as writers and producers neared a potential end to the Writers Guild of America strike.
