Speaker 1: Bloomberg Audio Studios, podcasts, radio News.
Speaker 2: The Stock Movers Report, your roundup of companies making moves
Speaker 2: in the stock market, harnessing the power of Bloomberg Data.
Speaker 3: Let's take a look at some stocks on the move today.
Speaker 3: I'm Nathan Hager, joined by Bloomberg's Valerie Titel on a
Speaker 3: slightly down morning, more broadly, Valerie, but we've got some
Speaker 3: big movers on both ends, including a big move to
Speaker 3: the upside this morning for EchoStar. Good morning, Hey, good.
Speaker 1: Morning, Nathaniel. Let's start with EchoStar. Shares are trading hire
Speaker 1: by over seven percent so far in pre market trade,
Speaker 1: and this comes after there are more people eyeing some
Speaker 1: of its assets, Bloomberg reporting that Verizon is in talks
Speaker 1: to purchase some of EchoStar's wireless spectrum. Now, these licenses
Speaker 1: are valuable in carrying five G signals, and EchoStar is
Speaker 1: selling them off the back of an FCC probe earlier
Speaker 1: in the year. Previously, ATNT and SpaceX have bought some
Speaker 1: of EchoStar's assets and they paid at a price above
Speaker 1: book value. So it's looking like EchoStar could have another
Speaker 1: cash cow deal on its hands. And that's what's raising
Speaker 1: the stock this morning.
Speaker 3: And on the other side of the coin, the biggest
Speaker 3: downside mover not living up to its name Firefly Aerospace.
Speaker 1: Yeah, the stock is in the red, trading down ten
Speaker 1: percent so far in pre market trade. They had yet
Speaker 1: another rocket launch that went awry, after a similar mishap
Speaker 1: back in April. Now, Firefly operates in the very competitive
Speaker 1: satellite launch business, creates rockets to launch them into orbit,
Speaker 1: the space dominated by SpaceX, and this company still has
Speaker 1: a lot to prove that it can compete in this sector.
Speaker 1: They went public back in August at a share price
Speaker 1: of forty five dollars a share. It's now trading at
Speaker 1: thirty three dollars a share of this pre market trade
Speaker 1: hold so trading at a twenty five percent discount to
Speaker 1: their IPO price.
Speaker 3: Now, we had some red headline news on job cuts
Speaker 3: at Exxon Mobile. Valerie is that moving.
Speaker 1: The stock at all? So, look, it's not moving the
Speaker 1: stock that much, but it's an interesting story to highlight.
Speaker 1: So Exon Mobiles trading unchanged at the moment. But they
Speaker 1: did announce a plan to cut two thousand jobs globally
Speaker 1: as a part of a long term restructuring plan. Now,
Speaker 1: the reductions announced would represent around three to four percent
Speaker 1: of Exxon's total workforce and a part of the company's
Speaker 1: ongoing efficiency drive. But it really is a sign of
Speaker 1: the times, Nathan. Many oil producers are reducing workforce numbers,
Speaker 1: be it Chevron, Conical, Phillips, or BP among those major
Speaker 1: oil companies that have announced thousands of job cups in
Speaker 1: recent months on the back of crude oil prices tumbling
Speaker 1: this year, and to note there are down today as
Speaker 1: well after having the worst session in two months.
Speaker 3: Yes, it's not just the oil majors that are going
Speaker 3: through strategic reviews of sorts. We're also seeing some of
Speaker 3: that in the beauty space as well.
Speaker 2: Yeah.
Speaker 1: Yeah, the beauty brand Cody rising on the back of
Speaker 1: this restructuring announcement of one and a half percent. According
Speaker 1: to a statement, the company has begun a strategic review
Speaker 1: of its consumer beauty brands to refocus on fragrances. Now.
Speaker 1: Cody is the company behind CoverGirl, Max Factor ryml Sally
Speaker 1: Hanson Management is considering partnerships, spinoffs, divestorshers, as more as
Speaker 1: a part of its assessment. Now, Cody shares have declined
Speaker 1: forty two percent year to date, they struggle to turn
Speaker 1: around sales and have seen three consecutive quarters of declining revenue,
Speaker 1: so a statement from the company that a strategic review
Speaker 1: is in place, boosting the shares slightly high.
Speaker 2: This morning the stock moover's report from Bloomberg Radio. Check
Speaker 2: back with us throughout the day for the latest roundup
Speaker 2: of companies making news on Wall Street and for the
Speaker 2: latest market moving headlines. Listen to Bloomberg Radio Live, catch
Speaker 2: us on YouTube, Bloomberg dot com, and on Applecarplay and
Speaker 2: Android Auto with the Bloomberg Business app.