Speaker 1: Bloomberg Audio Studios, podcasts, radio News, The.
Speaker 2: Stock Movers Report, your roundup of companies making moves in
Speaker 2: the stock market, harnessing the power of Bloomberg Data.
Speaker 3: Take a look at some of the stocks on the
Speaker 3: move today. I'm Paul Swing alongside Scarlett Foo and we're
Speaker 3: drawn by Bloomergs Billy Lipschaltz.
Speaker 4: Billy. What are you looking at today?
Speaker 5: Yeah, diving a bit deeper on EchoStar ticker SATs stock
Speaker 5: right now only up about one percent, had jumped more
Speaker 5: than five percent. But this is coming after Bloomberg News
Speaker 5: report that the company is in talks to sell Spectrum
Speaker 5: some of its wireless spectrum to Verizon Communications. So this
Speaker 5: comes after deals with AT and T and SpaceX for
Speaker 5: some of those licenses. Bloomberg reporting that it probably wouldn't
Speaker 5: be the case for this Verizon deal to carry the
Speaker 5: value of some of those deals, you know, north of
Speaker 5: billions of dollars. But we are certainly seeing a rally
Speaker 5: this morning in shares of Echo Star. This is a company, guys,
Speaker 5: that has been trying to work its way out and
Speaker 5: stave off bankruptcy and dealing with some of the pushback
Speaker 5: from US regulators so kind of reworking its business, reworking
Speaker 5: its opportunities in terms of turning those contracts in some
Speaker 5: of that spectrum into actual cash in their pockets. Stock
Speaker 5: year to date up more than two hundred and twenty
Speaker 5: five percent, so out performing uh, those ten.
Speaker 4: Waiting decade for this performance.
Speaker 3: Literally we've been sitting there for twelve years. Charlie Ergan.
Speaker 3: Investors like I have always been a Charlie Urgan backer.
Speaker 3: You both the spectrum like thirteen fourteen years ago, and
Speaker 3: either you're going to build its wireless network with this
Speaker 3: country doesn't need, or you're going to sell the spectrum,
Speaker 3: which is always valuable to somebody else.
Speaker 4: But he waited a long time forever.
Speaker 3: So my IRR is like, I don't know, but it
Speaker 3: was just finally, finally, shareholders and bondholders are going to
Speaker 3: I think.
Speaker 5: Yeah, trading in about seventy five bucks a pop, was at
Speaker 5: fifty back in twenty seventeen. Just don't look back towards
Speaker 5: two thousand and eight, two thousand and nine. If you've
Speaker 5: been holding on for.
Speaker 3: The Steel Dish Satellite TV company. Okay, just I vented
Speaker 3: there because it was acad No.
Speaker 4: No, you should have vent after waiting this long.
Speaker 1: Let's talk about rh which is a building materials company
Speaker 1: and those years are up almost five percent.
Speaker 5: Yeah, rallying this morning. This is a company that is
Speaker 5: listed in London but had pivoted its primary listing to
Speaker 5: Hear in the US. This comes after the supply makers,
Speaker 5: so cement think of things like that, laying out midterm
Speaker 5: targets for revenue and growth ibadad margins into twenty thirty,
Speaker 5: so they see this year they're adjusted ebitat between seven
Speaker 5: and a half billion and seven point seven billion. That's midpoints,
Speaker 5: just above what Wall Street was looking for. But when
Speaker 5: you look at the first blush reaction from analysts really
Speaker 5: talking up the fact that they're laying out financial targets
Speaker 5: four or five years into the future, averaging an annual
Speaker 5: revenue between seven and nine percent. So a slow growing business,
Speaker 5: a building's material business that has really rallied pretty tremendously
Speaker 5: since that April bottom on the year, returning about thirty percent,
Speaker 5: so a big winner for the company. Again, also has
Speaker 5: done tremendously well since it pivoted its primary listing to
Speaker 5: HEAR the US. But with all the talk about the
Speaker 5: need for spending not only on infrastructure in the US,
Speaker 5: but around the world really playing out for that company.
Speaker 5: And this comes ahead of a capital markets day hosted
Speaker 5: by the company today here in New York. Building Products,
Speaker 5: Building Products, boring company short rallying this morning, but one
Speaker 5: company that could be a bit more fun to talk
Speaker 5: about is Spotify tick er Spot down about five percent today.
Speaker 5: That's the biggest drop for the company since July twenty ninth.
Speaker 5: This coming after its CEO, Daniel L. Eck, planning to
Speaker 5: step aside after almost two decades leading the company. They
Speaker 5: said that their chief Product and Technology Officer chief business
Speaker 5: officer are going to take the rains jointly effective January first.
Speaker 5: So this is a big move for a company that
Speaker 5: was co founded by ec back in two thousand and six. Guys,
Speaker 5: I think if you're forty two and stepping away from
Speaker 5: being CEO of a company, not a bad move. I'm
Speaker 5: not quite there, maybe someday soon. But the stocks still
Speaker 5: year to date returning about fifty six percent, so lapping
Speaker 5: the Russell one thousand, which it would be compighence which
Speaker 5: is up about fourteen percent. So a big run for
Speaker 5: Spotify since they since he took the company public. But
Speaker 5: again giving back some of those recent games down about
Speaker 5: five percent.
Speaker 3: I kind of view it was kind of the Netflix
Speaker 3: of the audio business.
Speaker 4: Yeah, a little bit of a utility.
Speaker 1: But you know, as you mentioned, he's forty two, So
Speaker 1: is he stepping away in quote marks or is he
Speaker 1: really stepping away? Yeah?
Speaker 5: In there he's going to have kind of oversight and
Speaker 5: still work with the company, but handing over kind of
Speaker 5: the view going to provide some support and some guidance.
Speaker 5: The interesting thing I remember talking to someone who's been
Speaker 5: a Spotify bull for quite some time, and his kind
Speaker 5: of base case was, this is a company that can
Speaker 5: continue to hike prices as much as they want, and
Speaker 5: consumers are going to kind of shrug off if their
Speaker 5: streaming service goes from thirteen to sixteen to eighteen dollars
Speaker 5: a month, just.
Speaker 1: Because I shrugging off. Complain loudly while it's happening.
Speaker 4: But are you a Spotify user?
Speaker 1: I am, and I've watched the prices go up steadily
Speaker 1: every year and complain about it.
Speaker 3: Oh Ridge, go, he's We've got him at nine point
Speaker 3: eight billion in fifty third.
Speaker 4: Ranked again forty two years old.
Speaker 3: Paul, fantastic, great service, great great service, good for him
Speaker 3: stepping away.
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