Rupert Murdoch is stepping down as the chairman of Fox Corp. (FOX, FOXA) and News Corp. (NWS, NWSA). His son Lachlan will take his place. Cisco (CSCO) is buying analytics and security firm Splunk (SPLK) in a $28 billion deal. Other stocks to watch include W.P. Carey (WPC) on its plans to spin off its office assets and Microsoft (MSFT) which announced new Surface products.

Top guests on Yahoo Finance Live today include:
3:05 p.m. ET - Douglas Arthur, Huber Research Partners Managing Director
3:20 p.m. ET - Sen. Jeff Merkley, (D) Oregon
3:35 p.m. ET - Frank Sorrentino, ConnectOne CEO
3:50 p.m. ET - Tom Maoli, Ford dealership owner
4:05 p.m. ET - Nick Timiraos, The Wall Street Journal Chief Economics Correspondent
4:45 p.m. ET - Tye Sheridan, Wonder Dynamics Founder and Actor