WEBVTT - EchoStar Rises on Verizon Spectrum Talks; Firefly Falls; ExxonMobil Cuts

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio News.

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<v Speaker 2>The Stock Movers Report, your roundup of companies making moves

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<v Speaker 2>in the stock market, harnessing the power of Bloomberg Data.

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<v Speaker 3>Let's take a look at some stocks on the move today.

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<v Speaker 3>I'm Nathan Hager, joined by Bloomberg's Valerie Titel on a

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<v Speaker 3>slightly down morning, more broadly, Valerie, but we've got some

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<v Speaker 3>big movers on both ends, including a big move to

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<v Speaker 3>the upside this morning for EchoStar. Good morning, Hey, good.

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<v Speaker 1>Morning, Nathaniel. Let's start with EchoStar. Shares are trading hire

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<v Speaker 1>by over seven percent so far in pre market trade,

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<v Speaker 1>and this comes after there are more people eyeing some

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<v Speaker 1>of its assets, Bloomberg reporting that Verizon is in talks

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<v Speaker 1>to purchase some of EchoStar's wireless spectrum. Now, these licenses

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<v Speaker 1>are valuable in carrying five G signals, and EchoStar is

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<v Speaker 1>selling them off the back of an FCC probe earlier

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<v Speaker 1>in the year. Previously, ATNT and SpaceX have bought some

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<v Speaker 1>of EchoStar's assets and they paid at a price above

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<v Speaker 1>book value. So it's looking like EchoStar could have another

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<v Speaker 1>cash cow deal on its hands. And that's what's raising

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<v Speaker 1>the stock this morning.

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<v Speaker 3>And on the other side of the coin, the biggest

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<v Speaker 3>downside mover not living up to its name Firefly Aerospace.

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<v Speaker 1>Yeah, the stock is in the red, trading down ten

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<v Speaker 1>percent so far in pre market trade. They had yet

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<v Speaker 1>another rocket launch that went awry, after a similar mishap

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<v Speaker 1>back in April. Now, Firefly operates in the very competitive

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<v Speaker 1>satellite launch business, creates rockets to launch them into orbit,

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<v Speaker 1>the space dominated by SpaceX, and this company still has

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<v Speaker 1>a lot to prove that it can compete in this sector.

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<v Speaker 1>They went public back in August at a share price

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<v Speaker 1>of forty five dollars a share. It's now trading at

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<v Speaker 1>thirty three dollars a share of this pre market trade

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<v Speaker 1>hold so trading at a twenty five percent discount to

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<v Speaker 1>their IPO price.

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<v Speaker 3>Now, we had some red headline news on job cuts

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<v Speaker 3>at Exxon Mobile. Valerie is that moving.

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<v Speaker 1>The stock at all? So, look, it's not moving the

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<v Speaker 1>stock that much, but it's an interesting story to highlight.

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<v Speaker 1>So Exon Mobiles trading unchanged at the moment. But they

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<v Speaker 1>did announce a plan to cut two thousand jobs globally

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<v Speaker 1>as a part of a long term restructuring plan. Now,

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<v Speaker 1>the reductions announced would represent around three to four percent

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<v Speaker 1>of Exxon's total workforce and a part of the company's

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<v Speaker 1>ongoing efficiency drive. But it really is a sign of

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<v Speaker 1>the times, Nathan. Many oil producers are reducing workforce numbers,

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<v Speaker 1>be it Chevron, Conical, Phillips, or BP among those major

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<v Speaker 1>oil companies that have announced thousands of job cups in

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<v Speaker 1>recent months on the back of crude oil prices tumbling

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<v Speaker 1>this year, and to note there are down today as

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<v Speaker 1>well after having the worst session in two months.

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<v Speaker 3>Yes, it's not just the oil majors that are going

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<v Speaker 3>through strategic reviews of sorts. We're also seeing some of

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<v Speaker 3>that in the beauty space as well.

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<v Speaker 2>Yeah.

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<v Speaker 1>Yeah, the beauty brand Cody rising on the back of

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<v Speaker 1>this restructuring announcement of one and a half percent. According

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<v Speaker 1>to a statement, the company has begun a strategic review

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<v Speaker 1>of its consumer beauty brands to refocus on fragrances. Now.

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<v Speaker 1>Cody is the company behind CoverGirl, Max Factor ryml Sally

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<v Speaker 1>Hanson Management is considering partnerships, spinoffs, divestorshers, as more as

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<v Speaker 1>a part of its assessment. Now, Cody shares have declined

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<v Speaker 1>forty two percent year to date, they struggle to turn

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<v Speaker 1>around sales and have seen three consecutive quarters of declining revenue,

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<v Speaker 1>so a statement from the company that a strategic review

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<v Speaker 1>is in place, boosting the shares slightly high.

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<v Speaker 2>This morning the stock moover's report from Bloomberg Radio. Check

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<v Speaker 2>back with us throughout the day for the latest roundup

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<v Speaker 2>of companies making news on Wall Street and for the

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