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