Palo Alto, Harley-Davidson, Starbucks, Marvell, Wingstop: Stocks Making The Biggest Moves Today

Palo Alto Networks announced it will pay CyberArk investors $45 per share and 2.2005 PANW shares as part of the $25 billion deal to acquire the firm.

U.S. equities edged up in Wednesday’s midday trade ahead of the crucial Federal Reserve policy outcome. 

The SPDR S&P 500 ETF (SPY), which mirrors the S&P 500 index, was up 0.22% at the time of writing, while the Invesco QQQ Trust (QQQ), which mirrors the Nasdaq, gained 0.4%.

Here are the top stocks making the biggest moves in Wednesday’s midday trade:

Palo Alto Networks Inc. (PANW)

Palo Alto Networks shares tumbled over 5% in Wednesday’s midday trade after the company announced a $25 billion deal to acquire CyberArk Software (CYBR).

Palo Alto announced it will pay CyberArk investors $45 per share and 2.2005 PANW shares, according to a statement from the Santa Clara, California-headquartered company.

PANW stock is up 1% year-to-date.

Harley-Davidson Inc. (HOG)

Harley-Davidson shares rocketed over 17% after the motorcycle maker announced a deal with KKR and PIMCO that unlocks $1.25 billion in discretionary cash. According to the terms of the deal, KKR and PIMCO will both get a 4.9% stake in Harley-Davidson Financial Services.

HOG stock is down 10% year-to-date.

Starbucks Corp. (SBUX)

Starbucks shares gained over 1% in Wednesday’s midday trade despite the company’s mixed third-quarter results. Starbucks reported earnings per share (EPS) of $0.5 on revenue of $9.5 billion, while Wall Street expected an EPS of $0.65 on revenue of $9.3 billion.

SBUX stock is up 3% year-to-date.

Marvell Technology Inc. (MRVL)

Marvell stock surged over 7% after analysts at Fubon Research highlighted the prospects of significant revenue accruing from Microsoft Corp.’s (MSFT) AI chip initiatives, according to a report by Investing.com.

Furthermore, analysts at Morgan Stanley hiked the price target for MRVL stock to $80 from $73, according to The Fly.

MRVL stock is down 26% year-to-date.

Wingstop Inc. (WING)

Wingstop shares skyrocketed over 26% after the company’s second-quarter earnings surpassed Wall Street estimates. Wingstop reported an EPS of $1 on revenue of $174.3 million, while analysts expected an EPS of $0.87 on revenue of $173.7 million.

The company said it plans to increase the rate at which it opens new restaurants.

WING stock is up 28% year-to-date.

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