WEBVTT - SpaceX Jumps in Debut, EchoStar, AST SpaceMobile & Other Space Companies Fall

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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>Stock's on the move. I'm Charlie Pella joining us now

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<v Speaker 3>Bloomberg's Avalon Parnell Avalon. We got to begin with the

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<v Speaker 3>big stock story of the day, the IPO SpaceX. How

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<v Speaker 3>is it greeted by Wall Street?

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<v Speaker 1>Absolutely, that's ticker SPCX currently jumping about twenty three percent

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<v Speaker 1>after its record seventy five billion dollar IPO company trading

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<v Speaker 1>right around one hundred and seventy dollars, which is far

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<v Speaker 1>above it's one hundred and thirty five dollars IPO price,

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<v Speaker 1>and that move instantly making the company one of the

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<v Speaker 1>most valuable in the world and minting Elon Muskus the

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<v Speaker 1>world's first trillionaire. But what I would actually say is

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<v Speaker 1>really worth noting is that we got some trading insight

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<v Speaker 1>from Vanda Research. They say SpaceX is on track to

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<v Speaker 1>break the record for ip debuts, at least where retail

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<v Speaker 1>investors are concerned. SpaceX is now the most bought stock

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<v Speaker 1>by retail investors today.

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<v Speaker 3>There's a function I love to run on the Bloomberg

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<v Speaker 3>and that is you pull up the equities and what

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<v Speaker 3>you do is you then run RV to find out

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<v Speaker 3>how other similar stocks are doing. I want to talk

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<v Speaker 3>a little bit about EchoStar because well, I'll let you

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<v Speaker 3>tell the story what EchoStar does and why it is

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<v Speaker 3>being affected by the SpaceX IPO.

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<v Speaker 1>Yes, that's ticker SATs. It is currently slighting about twelve

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<v Speaker 1>percent most intra day since last August, and that is

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<v Speaker 1>because EchoStar is actually kind of confusing tdcowan analyst, saying

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<v Speaker 1>that some of this sell off is driven by profit

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<v Speaker 1>taking from SpaceX's IPO. However, it is worth noting that

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<v Speaker 1>EchoStar has about a two percent stake in SpaceX, which

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<v Speaker 1>made it a very popular way for some traders to

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<v Speaker 1>indirectly invest in SpaceX. However, TDAS is saying that now

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<v Speaker 1>some investors are shifting to own SpaceX directly, especially since

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<v Speaker 1>EchoStar does not actually receive shares until November twenty two,

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<v Speaker 1>twenty seven.

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<v Speaker 3>All Right, another stock that is moving on the SPACEXIPO,

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<v Speaker 3>and that is ASTs. That's the ticker AST. Space Mobile

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<v Speaker 3>not a company that we talk about that often. What

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<v Speaker 3>do they do and why are they moving on the spacexipo.

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<v Speaker 1>Yes, this is another space related name, currently falling about

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<v Speaker 1>fifteen percent to hit its lowest inter day level in

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<v Speaker 1>about a month. I'm sure you already know rocket, satellite

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<v Speaker 1>and space linked companies are sliding as investors race toward

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<v Speaker 1>Elon musk Ipo. Joe Gilbert at Integrity Asset Management actually

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<v Speaker 1>telling us that SpaceX is just going to continue to

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<v Speaker 1>take all the oxygen out of the space and absorb

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<v Speaker 1>a lot of dollars in interest, and that's really what

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<v Speaker 1>we've been seeing in the markets. Those moves also underscoring

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<v Speaker 1>how speculative the space business remains, with SpaceX really securing

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<v Speaker 1>a market valuation that's some one hundred times larger than

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<v Speaker 1>its annual revenue. However, it is worth noting that ast

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<v Speaker 1>space mobile still has surged more than seven hundred and

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<v Speaker 1>fifty percent in the last two years.

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