Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
- Cisco (CSCO) agreed to acquire Splunk (SPLK) for $157 per share in cash in a deal representing $28B in equity value [read more]
- Rupert Murdoch is stepping down as chairman of News Corp. (NWSA) and Fox (FOXA) [read more]
- Broadcom (AVGO) shares were slipping after The Information reported executives at Google (GOOGL) have "extensively" discussed ditching the company as an AI chip supplier as early as 2027 [read more]
- Writers and producers are near an agreement to end the WGA strike, according to CNBC [read more]
- Microsoft (MSFT) confirmed that its Copilot AI will begin rolling out September 26 [read more]
2. WALL STREET CALLS:
3. AROUND THE WEB:
- Grab Holdings (GRAB) is reportedly among foodpanda's prospective buyers, Tech in Asia says [read more]
- The United Auto Workers union has pushed for automakers, including General Motors (GM), Ford Motor (F), and Stellantis (STLA), to rely less on temporary workers, WSJ says [read more]
- Apple's (AAPL) proprietary silicon chip will not be in the new iPhone, WSJ reports [read more]
- U.S. Steel (X) is in the midst of a dispute with Cleveland-Cliffs (CLF) over a confidentiality agreement that would allow Cliffs to participate in a sale process that is underway, Reuters reports [read more]
- Starbucks (SBUX) is focused on streamlining its operations to decrease customer wait time, Bloomberg reports [read more]
4. MOVERS:
- Enovix (ENVX) higher after acquiring Routejade for a total consideration of 6.2M shares of common stock and $16.5M in cash [read more]
- JetBlue (JBLU) increases after expanding its Amsterdam service with new nonstop flights between Boston Logan International Airport and Amsterdam Airport Schiphol [read more]
- Travere (TVTX) declines after announcing confirmatory data from its Phase 3 PROTECT study of FILSPARI [read more]
- W.P. Carey (WPC) drops after approving plans for a publicly traded spin-off of its office portfolio [read more]
- TKO Group (TKO) slumped after the company announced WWE's SmackDown will return to USA Network as part of a new five year deal [read more]
5. EARNINGS/GUIDANCE:
- FedEx (FDX) reported upbeat Q1 earnings and narrowed tis FY24 earnings outlook [read more]
- Oracle (ORCL) affirmed its prior FY26 sales guidance [read more]
- Darden (DRI) reported Q1 results and backed its FY24 guidance [read more]
- KB Home (KBH) reported Q3 results and raised its FY23 guidance, with CEO Jeffrey Mezger commenting he is "please to report strong financial results" [read more]
- FactSet (FDS) reported Q4 results and provided guidance for FY24, with CEO Phil Snow commenting "FactSet's open platform strategy is resonating with clients" [read more]
INDEXES:
The Dow fell 370.46, or 1.08%, to 34,070.42, the Nasdaq lost 245.14, or 1.82%, to 13,223.99, and the S&P 500 declined 72.20, or 1.64%, to 4,330.00.
