EchoStar Rises on Verizon Spectrum Talks; Firefly Falls; ExxonMobil Cuts

- EchoStar (SATS) shares rise in premarket trading on Tuesday as Verizon Communications (VZ) is said to be in discussions with the company about purchasing some of its wireless spectrum. Bloomberg has learned the talks involve EchoStar’s AWS-3 licenses, valuable for carrying 5G wireless signals.
- Shares of Firefly Aerospace (FLY) extended losses in early trading after the company disclosed an incident during a test at its facility in Briggs, Texas, that resulted in the loss of a rocket stage. Firefly, which made history in March when it landed its Blue Ghost robotic spacecraft on the surface of the moon, said that it had followed proper safety protocols and all personnel were safe.
- Exxon Mobil (XOM) shares were little changed despite news that the energy giant plans to cut about 2,000 jobs globally as it consolidates smaller offices into regional hubs as part of its long-term restructuring plan. The reductions represent about 3% to 4% of Exxon’s global workforce and are part of the company’s ongoing efficiency drive, Chief Executive Officer Darren Woods said in an memo to employees Tuesday.
- Coty Inc. (COTY) shares edged higher ahead of the US open after the company began a strategic review of its consumer beauty brands as it looks to rework its portfolio of mass-market cosmetics labels while refocusing on fragrances. The company’s $1.2 billion consumer beauty division is made up of brands including CoverGirl, Max Factor, Rimmel and Sally Hansen. Management will consider partnerships, spin-offs, divestitures and more as part of its assessment, according to a statement released on Tuesday.

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