On this edition of Stock Movers:
- Paramount Skydance Corp. (PSKY) shares are rising after the company is being started with a buy rating and $13 price target at Guggenheim, which sees strong prospects for the media company following the completion of the merger between Paramount Global and Skydance Media. The company is “investing in growth businesses (studios, streaming, sports),” scaling its direct-to-consumer streaming business, and “driving efficiency enterprise-wide with a focus on long-term free cash flow generation,” writes analyst Michael Morris. PSKY getting the rights for the Ultimate Fighting Championship “aligns with management’s goal of a global, scaled service and strategy of leaning into premium sports content."
- AST SpaceMobile (ASTS) shares climbed as much as 19% Tuesday after the satellite firm set out an ambitious plan to launch 45 to 60 satellites in 2025 and 2026. The firm also said it received two additional early-stage contracts for the US government.
- Opendoor Technologies (OPEN) shares rallied today after cryptocurrency investor and influential newsletter writer and podcaster Anthony Pompliano said he’d bought shares in the digital real estate firm. Shares rose as much as 16% Tuesday after Pompliano, chief executive officer of ProCap Acquisition Corp., said in a post on X he’s an investor in the $1.8 billion company. Pompliano is a former employee of Facebook, now known as Meta Platforms Inc., who hosts podcasts on business and investing, writes a daily newsletter to 260,000 readers and has 1.7 million followers on X. Tuesday’s gains mark the latest advance for the San Francisco, California-based company after it ended last month with a record 245% surge, climbing above $2 from just about 60 cents. The stock was at the center of July’s retail trader frenzy after Eric Jackson, founder of Toronto-based hedge fund EMJ Capital Ltd, made a series of posts on social media encouraging buying. That sent shares flying by as much as 832% before paring gains, and sparked a broader rally in other highly-speculative names across the market.
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