Robinhood Joins S&P; Oracle Upgrades; Summit Therapeutics Plunges

On this episode of Stock Movers:
- Robinhood (HOOD) is gaining this morning after S&P Dow Jones Indices said it would be added to the S&P 500 Index. Applovin (APP) is higher this morning as well as it will be added. The stocks will be replacing MarketAxess Holdings, Caesars Entertainment and Enphase Energy; the changes are effective prior to the open of trading on Monday, Sept. 22. Bloomberg Intelligence analyst Neil Sipes says “Robinhood’s addition to the S&P 500 will expand its shareholder base, underscoring its profit progress toward incumbent brokers.”
- Echostar (SATS) shares are rising on news SpaceX agreed to acquire wireless spectrum from EchoStar for about $17 billion in cash and stock. SpaceX is buying EchoStar’s AWS-4 and H-block spectrum licenses and will pay as much as $8.5 billion in cash and up to $8.5 billion in SpaceX stock. The acquisition would allow SpaceX to offer its own direct-to-device offerings more independently, and is expected to resolve inquiries from the US Federal Communications Commission.
- Summit Therapeutics (SMMT) is plunging after the drug developer gave longer-term follow-up data from a global trial of its investigative lung cancer therapy, ivonescimab, that disappointed Wall Street.
- Oracle (ORCL) is higher after its price target was raised at JPMorgan, Morgan Stanley, and Barclays.

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