Weekly Jobless Claims Unexpectedly Fal, Google Ditches Broadcom In Favor of Marvell Chips, Hollywood Strike Might End: Today's Top Stories

Benzinga - by Vandana Singh, Benzinga Editor.

Benzinga

Weekly Jobless Claims Unexpectedly Fall 20K To 201K

• Weekly Initial Jobless Claims were 201,000, a decrease of 20,000 from the previous week's revised level, according to data the Labor Department released on Thursday.
• The number is below the average economist estimates of 225,000 and lower than the previous week's revised level.
• The previous week's level was revised up by 1,000 from 220,000 to 221,000.

• Cisco Systems Inc (NASDAQ: CSCO) agreed to acquire Splunk Inc (NASDAQ: SPLK) for $157 per share in cash, representing approximately $28 billion in equity value, triggering a rally in Splunk's stock prices. Meanwhile, Cisco stock prices fell.
• The purchase price implies a premium of 31.3% on Splunk's September 20 closing of $119.59.

• The Biden administration declared that it would recommence offering free at-home COVID tests to American households starting next Monday in response to the escalating spread of the virus nationwide.
• Last September, the federal government suspended its offer of free at-home COVID-19 tests.

• Starbucks Corp (NASDAQ: SBUX) said its Board of Directors approved a 7.5% increase in the company's quarterly cash dividend from $0.53 to $0.57 per share.
• This raises the company's annual dividend rate to $2.28 per share.

• Keurig Dr Pepper Inc (NASDAQ: KDP) has appointed Tim Cofer as Chief Operating Officer, effective Nov.6, 2023, reporting to Chairman & CEO Bob Gamgort.
• Cofer will assume the Chief Executive Officer role in the second quarter of 2024.

• The Kraft Heinz Company (NASDAQ: KHC) voluntarily recalled approximately 83,800 cases of individually wrapped Kraft Singles American processed cheese slices owing to the choking hazard of some of its wrappers.
• The said batch of Kraft Singles American processed cheese slices was shipped to a limited number of customers.

Reuters

Google's Power Move: Broadcom Ditched in Favor of Marvell Amid AI Chip Wars

• Broadcom Inc (NASDAQ: AVGO) stock is trading lower Thursday amid reports of Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google dropping the supplier of artificial intelligence chips by 2027.
• Meanwhile, Marvell Technology Inc (NASDAQ: MRVL) stock started gaining amid reports of Google working since 2022 to replace Broadcom with chipmaker Marvell for an advanced chip internally code-named Granite Redux.

• Nio Inc (NYSE: NIO) has entered the smartphone arena to set itself apart from competitors in China's fiercely competitive electric vehicle market.
• Nio's CEO, William Li, introduced the Nio Phone in Shanghai, China's commercial hub, unveiling its unique features, such as the ability to control multiple cars with a single device and unlock a car even when switched off.

• Toshiba Corp (OTC: TOSBF) (OTC: TOSYY) announces that the $14 billion tender offer from Japan Industrial Partners (JIP) succeeded, allowing the troubled conglomerate to go private.
• The Tender Offer has been successfully completed since the total number of shares tendered, which amounted to 340.46 million shares, exceeded the minimum required.

• Unilever plc (NYSE: UL) has reportedly roped in investment banks Morgan Stanley (NYSE: MS) and Evercore Inc (NYSE: EVR) to sell some of its non-core beauty and personal care brands.
• The brands under consideration also include Q-Tips and Impulse, which the company had previously considered for dilution two years ago.

• UBS Group AG (NYSE: UBS) has reportedly terminated around 70% of the Hong Kong-based staff headcount at Credit Suisse's securities research unit soon after the two Swiss banking giants moved ahead with the integration of operations.
• More than 15 equity researchers were informed earlier this week about the dismissals in Hong Kong.

• Vietnamese electric vehicle manufacturer VinFast Auto Ltd (NASDAQ: VFS) reportedly plans to ship its first batch of EVs to Europe this year after regulatory approval.
• The company intends to ship about 3,000 of its VF8 crossovers to France, Germany, and the Netherlands in the fourth quarter.

CNBC

Breakthrough In Hollywood: Writers, Producers Close To Ending 100-Day Strike

• Paramount Global (NASDAQ: PARA) and Warner Bros. Discovery Inc (NASDAQ: WBD) stocks are trading higher Thursday amid reports of Hollywood writers and producers nearing a deal to end the strike.
• Negotiations to end the Writers Guild of America (WGA) strike have advanced significantly, with writers and producers meeting face-to-face on Wednesday.
• The two sides are near an agreement and aim to finalize a deal by Thursday.

Financial Times

Instacart and Arm's Stock Decline Sparks Concerns Over Tech Sector IPOs

• Investors in recently listed tech companies Arm Holdings Plc
• (NASDAQ: ARM) and Instacart (NASDAQ: CART) are expressing concerns as both stocks have seen significant declines from their initial highs.
• This development raises questions about the environment for new IPOs in the tech sector.
• Arm CEO Rene Haas also acknowledged that Arm's growth in China primarily revolves around data centers and the automotive sector.

Bloomberg

Transparency Concerns Arise as DOJ Limits Access to Key Google Antitrust Evidence

• The U.S. Department of Justice (DOJ) has made a contentious move by removing public access to crucial evidence in its antitrust lawsuit against Alphabet Inc NASDAQ: GOOG) (NASDAQ: GOOGL) Google.
• This decision has raised concerns about transparency in the landmark case.

• Hyundai Motor Company (OTC: HYMTF) owned Kia Corp has launched its cheapest electric vehicle in South Korea, the Ray, which can seat only one person.
• The least expensive battery-powered light passenger vehicle of the company has a starting price of about $20,000.

Earnings

Homebuilder KB Home's Q3: Earnings Beat, 14% Topline Decline, Lower Average Selling Price & More

• KB Home (NYSE: KBH) reported a third-quarter FY23 sales decline of 13.9% year-on-year to $1.59 billion, beating the analyst consensus of $1.48 billion.
• Homes delivered in the quarter decreased 7% to 3,375, and the average selling price fell 8.3% to $466,300.
• KB Homes sees FY23 housing revenue of $6.31 billion, up from the prior view of $5.80 billion-$6.20 billion.

• Darden Restaurants Inc (NYSE: DRI) reported first-quarter FY24 sales growth of 11.6% year-on-year to $2.73 billion, beating the analyst consensus estimate of $2.71 billion.
• The sales growth was driven by a blended same-restaurant sales increase of 5.0% and sales from the addition of 77 company-owned Ruth's Chris Steak House restaurants and 46 other net new restaurants.

• FactSet Research Systems Inc (NYSE: FDS) reported fourth-quarter FY23 sales growth of 7.3% year-on-year to $535.797 million, marginally beating the consensus of $535.280 million.
• FactSet is providing its outlook for fiscal 2024. The company sees FY24 Adjusted EPS of 15.65-$16.15. The Street view stands at $16.65.

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