4 stocks to watch on Thursday: Splunk, Cleveland-Cliffs and more
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U.S. stock index futures on Thursday pointed to solid losses at the open, as market participants continued to digest the Federal Reserve's clear signal of higher rates for longer. A bright spot was FedEx (FDX), with the global economic bellwether's hefty quarterly profit beat cheering investors. Here are some stocks to watch on Thursday: 

Shares of Splunk (NASDAQ:SPLK) soared more than 20% in pre-market trading, after tech giant and Dow 30 component Cisco (CSCO) said it would acquire the cybersecurity company for $28B. CSCO will pay $157/share in cash for SPLK, a nearly 32% premium to SPLK's Wednesday closing price. Cisco (CSCO) believes the two firms' "combined capabilities will drive the next generation of AI-enabled security and observability." CSCO expects the deal to be cash flow positive and gross margin accretive in the first fiscal year after closing.
Cleveland-Cliffs (CLF) stock fell more than 2% ahead of the opening bell, after a Reuters report that the company had refused to sign a standstill agreement with US Steel (X) that would allow it to conduct due diligence on a potential offer for the steelmaker. As per the report, X has refused to open its books to CLF and allow it into the sale process as CLF will not sign a six-month standstill deal that would prevent it from challenging X's board. The refusal to open its books comes as X is accepting initial takeover offers this week.
Shares of Keurig Dr Pepper (KDP) were among the most actively traded ahead of market open. The owner of beverage brands such as 7UP, Schweppes and Snapple after hours on Wednesday named MondelÄz International (MDLZ) veteran Tim Cofer as its chief operating officer, with plans to name him top boss in 2024. KDP also boosted its quarterly dividend by 7.5%.
Darden Restaurants (DRI) stock was down more than 1% in pre-market trading, despite the Olive Garden and LongHorn Steakhouse parent reporting a 11.6% Y/Y rise in FQ1 2024 revenue. Same-restaurant sales improved 5% in the quarter, including a 6.1% increase for Olive Garden and a 8.1% increase for LongHorn Steakhouse. Additionally, DRI guided for full year earnings per share of $8.55 to $8.85, the midpoint of which was short of the consensus estimate of $8.76.

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