Comcast's shares surged 20% following the announcement of its plan to spin off its media portfolio, which includes NBCUniversal and Sky, with the spin-off expected to be completed in about a year. This move will see co-CEO Mike Cavanagh take the lead at NBCUniversal, while former CFO Michael Angelakis will head the telecommunications side.
Rocket Lab's stock rose over 10% and Iridium Communications' stock jumped more than 20% after Rocket Lab revealed its acquisition of Iridium, which aims to merge its launch capabilities with Iridium's satellite communications network. SpaceX's stock increased by 2% after it was announced that the company would be added to the Nasdaq 100 index, potentially driving ETF buying demand.
Charter Communications experienced a nearly 20% rise on reports of exclusive talks with SpaceX regarding a consumer phone product, which could utilize Charter's internet infrastructure.
Alphabet's shares rose about 1% as it prepared to trade on the Dow Jones Industrial Average for the first time, replacing Verizon, whose stock fell 0.5% due to projected second-quarter losses between $700 million and $800 million. Martin Marietta Materials saw a nearly 3% decline after announcing a $13.5 billion cash agreement to merge with Lhoist North America.
Oracle's shares increased by 3% as it aimed to recover from a significant drop last week, while TeraWulf's stock rose 3% after Citi initiated coverage with a buy rating, citing improvements in power delivery for data centers