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Let's take a look at some stocks on the move today. I'm Nathan Hager, joined by Bloomberg Dan Curtis. Starting off with a stock that's gonna be on the move today, SpaceX. Good morning, Dan, Good morning Nathan.
How can we not be watching the largest IPO in history today with the with the SpaceX coming out the pricing at one hundred and thirty five dollars a share, raising seventy five billion dollars and given the company a massive valuation of nearly one point eight trillion dollars. This is the largest IPO ever so coming out, it's priced at about ninety five time sales, but the listing was
four times over subscribed according to Bloomberg Reporting. While many other companies have come to market, say twenty thirty times over subscribed, the scale of this listing means that that's over three hundred billion dollars in demand. So we're keeping our eyes on this stock today as it's set to make its trading debut on the New York Stock Exchange.
Some gray markets are have this, are signaling that this will trade out a premium, including perpetual futures on hyper liquid, which are implying about a thirty five percent upside in that space. And the other thing we're watching the world's first trillionaire, He Musk, is worth nine hundred and seventy billion dollars after the IPO. I use Bloomberg Billionaire's data and a calculator, A four point two percent rise would probably get him over that mark into the trillion dollar range.
Oh, is that all we should clarify? The SpaceX is going to start trading on the NASDAK this.
Sorry, yes, NASDAK, thank you, thank you, Yes, nat you are yes NASDAK.
That being said, while we wait for what kind of move we see from SpaceX, got to think space related stocks are moving already.
Dan Absolutely, markets are not waiting. Rocket Lab is up six percent and it's also the news that it will be joining the Nasdaq one hundred, so a little of extra positive news for the space for the space space. But it's not just Rocket Labs. Red Wire tick Our RDW up four percent and ast Space Mobile also up four percent. These stocks have been really gyrating ahead of
the listing, but we're seeing some positive momentum. Most of those names gained double digits yesterday, red Wire up fourteen percent, Ast Space Mobile up nearly twelve percent, Rocket Labs up ten percent. A lot of hype around this and that is going out to the other names.
Well.
Stock that's moving the other direction after earnings is Adobe. Those definitely aren't being received well this morning, Dan, Yeah, those.
Shares are down over six percent underticker ADBE and the creative software company announced that CFO Dan Dern will be departing the company on Monday. And we've been talking a lot about this, you know long AI tech trade out of software, and that's what the CFO is doing with his career. He's leaving the role to move to the seat to the CFO role at chip maker Marvel. That has the shares down six percent. This also follows the CEO announcing his resignation earlier this year and the company
is still looking for a replacement. So the company is looking for a new CEO. The CFO just announced he's resigning. That's putting the shares on the back foot now. The company reported second quarter results as well. Top and bottom line results did be estimates, and the Acrobat Ai assistant annual recurring revenue grew three times. Company raised full year guidance, but this management shakeup seems to be the cloud hanging over the company in the pre market.
This 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.