The Premarket: Splunk, Klaviyo, ARM, InstaCart, Darden Restaurant, FedEx, KB Home, Crowdstrike

Splunk Inc (NASDAQ:SPLK) stock jumped over 20% in early deals on the news that Cisco Systems (NASDAQ:CSCO) has agreed to pay a big premium to buy the cybersecurity firm – with a cash deal pitched at $157, valuing Splunk at $28 billion.

In premarket trade, Splunk was up $24.12 dollars or 20.19% at $143.74.

“Our combined capabilities will drive the next generation of AI-enabled security and observability,” Cisco chief executive Chuck Robbins told investors.

Cisco shares were, meanwhile, down 4.6% trading at $52.95. Read More

Klaviyo Inc (NYSE:KVYO) stock traded lower in Thursday’s premarket, down 1.1% at $32.40, moving back towards yesterday's IPO price of $30.

On Wednesday, the marketing automation firm saw its newly listed stock advance 9.2% after trading began on Nasdaq, closing its first trading day at $32.76. Read more

Arm Holdings PLC (NASDAQ:ARM) and Instacart (NASDAQ:CART), the week’s other new listings, were also on the backfoot - ARM shares were down just over 3%, trading just 30 cents above its $51.00 IPO price, while Instacart (NASDAQ:CART) similarly is only a few cents above its IPO price, trading this morning at $30.25.

FedEx Corp (NYSE:FDX) rose nearly 5%, to $262.25, in premarket trade as the transportation services provider delivered first-quarter fiscal 2024 earnings that topped expectations.

Olive Garden and LongHorn parent Darden Restaurant saw its shares lower, slipping 1.3% at $147.50, as same-store sales were softer than expected despite overall net sales jumping 11% for the quarter.

For the quarter, FedEx reported earnings per share (EPS) of $4.55, up from $3.44 in the year-ago quarter and above the Street estimate of $3.68.

Builder KB Home (NYSE:KBH) traded 4% lower, at $46.10, after it reported third-quarter adjusted earnings per share (EPS) of $1.80, down from $2.86 a year earlier, but surpassing the analyst consensus forecast of $1.44.

The homebuilder generated revenue for the period of $1.59 billion, which also exceeded estimates of $1.48 billion despite being lower than the $1.84 billion figure from a year ago. The company attributed the results to achieving higher deliveries than its previous guidance.

Crowdstrike Holdings (NASDAQ:CRWD) shares strengthened just over 1%, at $165.80, after the cybersecurity firm talked up its subscription margins and lifted its targets.