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