EchoStar Corporation, together with its subsidiaries, provides networking technologies and services worldwide. The company operates in four segments: Pay-TV, Retail Wireless, 5G Network Deployment, Broadband and Satellite Services. The Pay-TV segment offers a direct broadcast and fixed satellite services; designs, develops, and distributes receiver system; and provides digital broadcast operations, including satellite uplinking/downlinking, transmission and, other services to third-party pay-TV providers; and multichannel, live-linear and on-demand streaming over-the-top internet-based domestic, international, Latino, and Freestream video programming services under the DISH and SLING brand names. The Retail Wireless segment provides prepaid and postpaid wireless services under the Boost Mobile, Boost postpaid, and Gen Mobile brands, as well various wireless devices. The Network Deployment segment deploys a facilities-based 5G broadband network and commercializes deployment of 5G VoNR. The Broadband and Satellite Services offers broadband services to consumer customers, which include home, and small to medium-sized businesses; and satellite and multi-transport technologies, and managed network services to telecommunications providers, aeronautical service providers, civilian and defense government entities, and other enterprise customers. EchoStar Corporation was incorporated in 2007 and is headquartered in Englewood, Colorado.

EchoStar Corporation

EchoStar Corporation’s SATS subsidiary, Hughes Network Systems, LLC (HUGHES), is strengthening its position in next-generation satellite communications with the launch of a new portfolio of ruggedized Low Earth Orbit (LEO) terminals certified for Comms-on-the-Pause (COTP) service. Certified for use on Eutelsat’s OneWeb LEO network, these transportable terminals provide fast and reliable broadband connectivity wherever terrestrial networks fall short.
Built for rapid deployment in demanding environments, the new Hughes LEO terminals are housed in IP67-rated, pop-up transport cases engineered by C-COM Satellite Systems. Featuring crushproof construction, steel latches and recessed wheels, the cases are built to withstand harsh conditions. Their plug-and-play design enables rapid broadband deployment, ideal for temporary deployments and mission-critical use cases. The Hughes Electronically Steerable Antenna (ESA) terminals are available in single- and dual-panel configurations, providing organizations with the flexibility to choose the setup that best suits their operational requirements.
Hughes’ ruggedized LEO terminals are designed to address connectivity gaps across a wide range of industries and scenarios. First responders and government agencies can rapidly deploy communications following hurricanes, floods, or wildfires, maintaining connectivity for a longer interval in regions where terrestrial infrastructure has been damaged or destroyed. Enterprises and public-sector organizations can pre-stage satellite communication kits in disaster-prone areas, ensuring backup connectivity is available before severe weather or other emergencies strike.
Land-based drilling rigs that relocate every one to six weeks can maintain consistent Internet access for operational data transfer, safety systems and crew communications in even the most remote locations. Also, telecom providers can leverage satellite-enabled Cell on Wheels (COWs) and network trailers to extend coverage during major events, network outages, or early-stage network deployments.
Rising Hughes Momentum Bolsters SATS’ Long-Term Potential
Hughes is shifting its focus from consumer satellite broadband to enterprise customers as competition in consumer connectivity intensifies from SpaceX’s Starlink and future LEO players like Amazon’s Kuiper. Recognizing early that it could not compete in LEO consumer broadband, EchoStar pivoted toward enterprise markets. As a result, enterprise revenue is expected to surpass 50% of Hughes’ total revenue as early as next year. The company has also made strong progress in aviation connectivity, moving from a minimal presence three years ago to becoming one of the few global providers still growing in the aero segment.
Hughes’ ability to serve global brands worldwide positions the company to better monetize and maximize this strength, particularly in M&A opportunities that arise. In October, Hughes announced the acquisition of Anderson Connectivity, a Florida-based top aerospace innovator, strengthening its technology and engineering capabilities while positioning the company for faster growth across global aviation, space and defense markets.
It has also forged a strategic relationship with Celona, a pioneer in private 5G networks, to introduce a fully managed private wireless network solution. The collaboration aims to meet the surging demand for secure, high-performance and scalable wireless connectivity, empowering industries to advance their digital transformation and automation efforts.
However, for the third quarter of fiscal 2025, Hughes’ Broadband and Satellite Services segment reported total revenue of $346 million, down 10.6% year over year due to lower broadband service sales and weaker enterprise hardware demand. Adjusted OIBDA declined 3.9% year over year to $75 million, reflecting a smaller consumer subscriber base. Notably, Hughes’ enterprise momentum remains solid, supported by a contracted backlog of $1.5 billion that provides strong visibility into future revenue.
SATS’ Zacks Rank & Stock Price Performance
At present, EchoStar has a Zacks Rank #3 (Hold). In the past year, its shares have soared 358% compared with the Zacks Satellite and Communication industry's growth of 191.9%.
Image Source: Zacks Investment Research
Stocks to Consider From the Broader Computer and Technology Space
Some better-ranked stocks from the broader technology space are Teradata Corporation TDC, Western Digital Corporation WDC and Sandisk Corporation SNDK. TDC, SNDK & WDC sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Teradata’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 23.12%. In the last reported quarter, TDC delivered an earnings surprise of 35.85%. Its shares have surged 42.7% in the past six months.
Western Digital earnings beat the consensus estimate in each of the trailing four quarters, with the average surprise being 9.18%. WDC’s long-term earnings growth rate is 22.7%. Its shares have surged 194.1% in the past year.
Sandisk’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, with the average surprise being 470.1%. In the last reported quarter, SNDK delivered an earnings surprise of 37.1%. Its shares have surged 388.9% in the past year.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They include
Stock #1: A Disruptive Force with Notable Growth and Resilience
Stock #2: Bullish Signs Signaling to Buy the Dip
Stock #3: One of the Most Compelling Investments in the Market
Stock #4: Leader In a Red-Hot Industry Poised for Growth
Stock #5: Modern Omni-Channel Platform Coiled to Spring
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. While not all picks can be winners, previous recommendations have soared +171%, +209% and +232%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

SATS Arm Unveils Rugged LEO Terminals for Mission-Critical Connectivity

Key Points
An analyst at an international bank made quite a significant raise to his price target on the shares.
He boosted it by 35% and maintained his buy recommendation on the stock.
A rather up-and-down stock lately, satellite technology specialist EchoStar (NASDAQ: SATS) had a good trading session on Friday. Its shares rose by more than 1%, edging past the bellwether S&P 500 index, largely on an analyst's rather generous price target raise.
A bull weighs in with a new take
The person behind the raise was Deutsche Bank (prognosticator Bryan Kraft. Well before market open that day, Kraft elected to boost his fair value assessment on EchoStar to $131 per share, up quite some distance from his previous level of $97.
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According to reports, the analyst cited the one top catalyst for EchoStar's recent stock price rises -- its sale of wireless spectrum to Elon Musk's SpaceX -- as a reason to buy the stock. He's particularly encouraged by the coming IPO of the space company, as EchoStar received significant equity in the Musk venture as part of the deal. Meanwhile, the company has more spectrum it could sell.
Other positive factors that should bolster EchoStar, in Kraft's estimation, include anticipated legal settlements with business partners.
Baked in
That SpaceX stake has been drawing investors to EchoStar, as the Musk company is sure to be a hot item when it goes public. Personally, I believe that the potential for these developments is already priced into EchoStar stock, as are the eventual resolutions to the company's legal disputes. I wouldn't necessarily be a buyer of its stock now.
Should you buy stock in EchoStar right now?
Before you buy stock in EchoStar, consider this:
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why EchoStar Stock Crept Higher Today

The S&P 500 Index ($SPX) (SPY) today is up by +0.67%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.56%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.94%. March E-mini S&P futures (ESH26) are up +0.62%, and March E-mini Nasdaq futures (NQH26) are up +0.90%.
Stock indexes are moving higher today as a rally in cloud infrastructure stocks improves market sentiment and lifts the broader market. Oracle is up by more than 7% after TikTok CEO Chew said his company has signed binding agreements to create a US joint venture owned by American investors, including Oracle. Also, strength in chipmakers today supports the broader market.
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Today’s US economic news was mixed for stocks after Nov existing home sales rose to a 9-month high, but the University of Michigan US Dec consumer sentiment index was unexpectedly revised lower.
Seasonal factors are bullish for stocks. According to data from Citadel Securities, since 1928, the S&P 500 has risen 75% of the time in the last two weeks of December, climbing 1.3% on average.
Higher bond yields are limiting gains in stocks today, as the 10-year T-note yield is up +2 bp to 4.14%. Global bond yields are climbing today, led by a surge in the 10-year Japanese government bond yield to a 26-year high of 2.025% after the BOJ raised interest rates and said it will keep raising rates if its economic and price outlook is realized.
US Nov existing home sales rose +0.5% m/m to a 9-month high of 4.13 million, though weaker than expectations of 4.15 million.
The University of Michigan US Dec consumer sentiment index was unexpectedly revised downward by -0.4 to 52.9, weaker than expectations of an upward revision to 53.5.
The University of Michigan US Dec 1-year inflation expectations were unexpectedly revised upward to 4.2% from the previously reported 4.1%.
Upbeat comments today from New York Fed President John Williams were supportive for stocks but negative for bonds, as he said some of the data we're seeing is "pretty encouraging" and he sees no sign of a sharp deterioration in the jobs data. He added that he sees US GDP growth of 1.5% to 1.75% this year, with growth picking up next year, and that there's "no urgency to need to act further on monetary policy right now, because I think the cuts we've made have positioned us really well."
Stock market moves may be exaggerated and more volatile than usual today due to the expiration of options, futures, and derivatives during the quarterly event known as triple witching. According to Citigroup, a record $7.1 trillion of notional open interest will roll off the US options market today.
The markets are discounting a 20% chance that the FOMC will cut the fed funds target range by 25 bp at the next FOMC meeting on January 27-28.
Overseas stock markets are higher today. The Euro Stoxx 50 is up +0.40%. China’s Shanghai Composite climbed to a 1-week high and closed up +0.36%. Japan’s Nikkei Stock 225 closed up +1.03%.
Interest Rates
March 10-year T-notes (ZNH6) today are down by -5 ticks. The 10-year T-note yield is up +1.4 bp to 4.135%. Today's strength in stocks has reduced safe-haven demand for government debt securities and is weighing on T-notes. Also, hawkish comments from New York Fed President John Williams are undercutting T-note prices after he said some of the data we're seeing is "pretty encouraging" and that he sees no sign of sharp deterioration in the jobs data. In addition, T-notes have a negative carryover from today’s jump in the 10-year Japan government bond yield to a 26-year high of 2.025%.
The steepening yield curve is also bearish for T-note prices. Steepening trades occur when bond investors buy short-term government debt and sell long-term debt. The yield curve has steepened since last Wednesday’s FOMC meeting, when the Fed said it would begin purchasing up to $40 billion of short-term T-bills a month to boost liquidity in the financial system. Longer-term Treasury securities are also under pressure from concerns about inflation and the Fed’s independence.
European government bond yields are moving higher today. The 10-year German bund yield is up +3.5 bp to 2.885%. The 10-year UK gilt yield is up +3.7 bp to 4.517%.
German Nov PPI fell -2.3% y/y, weaker than expectations of -2.2% y/y and the steepest pace of decline in 20 months.
The German Jan GfK consumer confidence index unexpectedly fell -3.5 to a 1.75-year low of -26.9, weaker than expectations of an increase to -23.0.
UK Nov retail sales ex-auto fuel unexpectedly fell -0.2% m/m, weaker than expectations of an increase of +0.1% m/m.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on February 5.
US Stock Movers
Cloud infrastructure stocks are rallying today as they recover from a recent sell-off on financing concerns in the AI supply chain. CoreWeave (CRWV) is up +15%, and Applied Digital (APLD) and Nebius Group NV (NBIS) are up more than +10%. Also, Oracle (ORCL) is up more than +6%.
Chip stocks are moving higher today, a supportive factor for the overall market. Micron Technology (MU) is up more than +6% to lead gainers in the Nasdaq 100, and Advanced Micro Devices (AMD) is up more than +4%. Also, Lam Research (LRCX) is up more than +3%, and Nvidia (NVDA) is up more than +2% to lead gainers in the Dow Jones Industrials. In addition, KLA Corp (KLAC), NXP Semiconductors NV (NXPI), and Intel (INTC) are up more than +2%. Finally, Applied Materials (AMAT), ASML Holding NV (ASML), and Broadcom (AVGO) are up more than +1%.
Cryptocurrency-exposed stocks are climbing today, with Bitcoin (^BTCUSD) up more than +2%. Strategy (MSTR) and Galaxy Digital Holdings (GLXY) are up more than +3%, and Riot Platforms (RIOT) and Mara Holdings (MARA) are up more than +2%. Also, Coinbase Global (COIN) is up nearly +1%.
Carnival (CCL) is up more than +9% to lead cruise stocks higher and gainers in the S&P 500 after reporting Q2 adjusted EPS of 34 cents, better than the consensus of 24 cents. Also, Norwegian Cruise Line Holdings (NCLH) is up more than +5%, and Royal Caribbean Cruises (RCL) is up more than +4%.
Whitefiber Inc (WYFI) is up more than +7% following the announcement of a 10-year 40 megawatt co-location agreement between its subsidiary Enovum Data Centers Corp. and Nscale Global Holdings, representing around $865 million in contracted revenue.
Echostar Corp (SATS) is up more than +3% after Deutsche Bank raised its price target on the stock to $131 from $97.
Cummins Inc (CMI) is up more than +2% after Barclays upgraded the stock to overweight from equal weight with a price target of $546.
Generac Holdings (GNRC) is up more than +1% after Wells Fargo Securities upgraded the stock to overweight from equal weight with a price target of $195.
Stryker Corp (SYK) is up more than +1% after Citizens JMP Securities LLC upgraded the stock to outperform from market perform with a price target of $440.
Lamb Weston Holdings (LW) is down more than -23% to lead losers in the S&P 500 after forecasting full-year net sales of $6.35 billion to $6.55 billion, the midpoint below the consensus of $6.52 billion.
Nike (NKE) is down more than -8% to lead losers in the Dow Jones Industrials after forecasting Q3 revenue down in the low single digits and gross margins down about 175 to 225 basis points, amid persistent weakness in China.
KB Home (KBH) is down more than -8% to lead homebuilders lower after reporting Q4 EPS of $1.55, weaker than the consensus of $1.79, and forecasting 2026 housing revenue of $5.10 billion to $6.10 billion, the midpoint below the consensus of $5.83 billion. Also, DR Horton (DHI) is down more than -3%, and Lennar (LEN) and PulteGroup (PHM) are down more than -2%. In addition, Toll Brothers (TOL) is down more than -1%.
KBR Inc (KBR) is down more than -4% after Truist Securities cut its price target on the stock to $50 from $62.
Lyft Inc (LYFT) is down more than -3% after Wedbush Securities downgraded the stock to underperform from neutral with a price target of $16.
Paychex (PAYX) is down more than -1% to lead losers in the Nasdaq 100 after BMO Capital Markets said the company’s Q2 earnings signaled an “okay quarter,” but management-solutions growth was softer.
FedEx (FDX) is down more than -1% after Morgan Stanley downgraded the stock to underweight from neutral with a price target of $210.
Earnings Reports(12/19/2025)
Carnival Corp (CCL), Conagra Brands Inc (CAG), Lamb Weston Holdings Inc (LW), Paychex Inc (PAYX).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Climb as Tech Shares Rally

The S&P 500 Index ($SPX) (SPY) today is up by +0.63%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.52%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +1.08%. March E-mini S&P futures (ESH26) are up +0.61%, and March E-mini Nasdaq futures (NQH26) are up +1.09%.
Stock indexes are moving higher today as a rally in cloud infrastructure stocks improves market sentiment and lifts the broader market. Oracle is up by more than 7% after TikTok CEO Chew said his company has signed binding agreements to create a US joint venture owned by American investors, including Oracle. Also, strength in chipmakers today supports the broader market.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Higher bond yields are limiting gains in stocks today, as the 10-year T-note yield is up +3 bp to 4.15%. Global bond yields are climbing today, led by a surge in the 10-year Japanese government bond yield to a 26-year high of 2.025% after the BOJ raised interest rates and said it will keep raising rates if its economic and price outlook is realized.
Upbeat comments today from New York Fed President John Williams were supportive for stocks but negative for bonds, as he said some data we're seeing is "pretty encouraging" and he sees no sign of sharp deterioration in the jobs data. He added that he sees US GDP growth of 1.5% to 1.75% this year, with growth picking up next year, and that there's "no urgency to need to act further on monetary policy right now, because I think the cuts we've made have positioned us really well."
Stock market moves may be exaggerated and more volatile than usual today due to the expiration of options, futures, and derivatives during the quarterly event known as triple witching. According to Citigroup, a record $7.1 trillion of notional open interest will roll off the US options market today.
This week's market focus will be on US economic news. Later today, Nov existing home sales are expected to be up +1.2% m/m to 4.15 million. Also, the University of Michigan Dec consumer sentiment index is expected to be revised upward by +0.2 to 53.5 from the previously reported 53.3.
The markets are discounting a 20% chance that the FOMC will cut the fed funds target range by 25 bp at the next FOMC meeting on January 27-28.
Overseas stock markets are higher today. The Euro Stoxx 50 is up +0.04%. China’s Shanghai Composite climbed to a 1-week high and closed up +0.36%. Japan’s Nikkei Stock 225 closed up +1.03%.
Interest Rates
March 10-year T-notes (ZNH6) today are down by -7 ticks. The 10-year T-note yield is up +2.7 bp to 4.149%. Today's strength in stocks has reduced safe-haven demand for government debt securities and is weighing on T-notes. Also, hawkish comments from New York Fed President John Williams are undercutting T-note prices after he said some of the data we're seeing is "pretty encouraging" and that he sees no sign of sharp deterioration in the jobs data. In addition, T-notes have a negative carryover from today’s jump in the 10-year Japan government bond yield to a 26-year high of 2.025%.
The steepening yield curve is also bearish for T-note prices. Steepening trades occur when bond investors buy short-term government debt and sell long-term debt. The yield curve has steepened since last Wednesday’s FOMC meeting, when the Fed said it would begin purchasing up to $40 billion of short-term T-bills a month to boost liquidity in the financial system. Longer-term Treasury securities are also under pressure from concerns about inflation and the Fed’s independence.
European government bond yields are moving higher today. The 10-year German bund yield is up +3.4 bp to 2.884%. The 10-year UK gilt yield is up +3.8 bp to 4.518%.
German Nov PPI fell -2.3% y/y, weaker than expectations of -2.2% y/y and the steepest pace of decline in 20 months.
The German Jan GfK consumer confidence index unexpectedly fell -3.5 to a 1.75-year low of -26.9, weaker than expectations of an increase to -23.0.
UK Nov retail sales ex-auto fuel unexpectedly fell -0.2% m/m, weaker than expectations of an increase of +0.1% m/m.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on February 5.
US Stock Movers
Cloud infrastructure stocks are rallying today as they recover from a recent sell-off on financing concerns in the AI supply chain. CoreWeave (CRWV) is up +8%, and Oracle (ORCL) is up more than +7% to lead gainers in the S&P 500. Also, Applied Digital (APLD) is up more than +4%, and Nebius Group NV (NBIS) is up more than +3%.
Chip stocks are moving higher today, a supportive factor for the overall market. Micron Technology (MU) is up more than +6% to lead gainers in the Nasdaq 100. Also, Lam Research (LRCX) is up more than +3%, and Nvidia (NVDA) is up more than +2% to lead gainers in the Dow Jones Industrials. In addition, Advanced Micro Devices (AMD), Applied Materials (AMAT), KLA Corp (KLAC), NXP Semiconductors NV (NXPI), and Intel (INTC) are up more than +2%. Finally, GlobalFoundries (GFS), Broadcom (AVGO), and Marvell Technology (MRVL) are up more than +1%.
Cryptocurrency-exposed stocks are climbing today, with Bitcoin (^BTCUSD) up more than +2%. Galaxy Digital Holdings (GLXY) and Riot Platforms (RIOT) are up more than +4%. Also, Strategy (MSTR) and Mara Holdings (MARA) are up more than +2%, and Coinbase Global (COIN) is up more than +1%.
Whitefiber Inc (WYFI) is up more than +16% following the announcement of a 10-year 40 megawatt co-location agreement between its subsidiary Enovum Data Centers Corp. and Nscale Global Holdings, representing around $865 million in contracted revenue.
Echostar Corp (SATS) is up more than +4% after Deutsche Bank raised its price target on the stock to $131 from $97.
Generac Holdings (GNRC) is up more than +2% after Wells Fargo Securities upgraded the stock to overweight from equal weight with a price target of $195.
Stryker Corp (SYK) is up more than +1% after Citizens JMP Securities LLC upgraded the stock to outperform from market perform with a price target of $440.
Cummins Inc (CMI) is up more than +1% after Barclays upgraded the stock to overweight from equal weight with a price target of $546.
Lamb Weston Holdings (LW) is down more than -19% to lead losers in the S&P 500 after forecasting full-year net sales of $6.35 billion to $6.55 billion, the midpoint below the consensus of $6.52 billion.
Nike (NKE) is down more than -9% to lead losers in the Dow Jones Industrials after forecasting Q3 revenue down in the low single digits and gross margins down about 175 to 225 basis points, amid persistent weakness in China.
KB Home (KBH) is down more than -7% after reporting Q4 EPS of $1.55, weaker than the consensus of $1.79, and forecasting 2026 housing revenue of $5.10 billion to $6.10 billion, the midpoint below the consensus of $5.83 billion.
Lyft Inc (LYFT) is down more than -4% after Wedbush Securities downgraded the stock to underperform from neutral with a price target of $16.
KBR Inc (KBR) is down more than -4% after Truist Securities cut its price target on the stock to $50 from $62.
Paychex (PAYX) is down more than -3% to lead losers in the Nasdaq 100 after BMO Capital Markets said the company’s Q2 earnings signaled an “okay quarter,” but management-solutions growth was softer.
FedEx (FDX) is down more than -2% after Morgan Stanley downgraded the stock to underweight from neutral with a price target of $210.
Elevance Health (ELV) is down more than -1% after Deutsche Bank downgraded the stock to hold from buy, citing a challenging macro environment.
Earnings Reports(12/19/2025)
Carnival Corp (CCL), Conagra Brands Inc (CAG), Lamb Weston Holdings Inc (LW), Paychex Inc (PAYX).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Supported by Strength in Cloud Stocks and Chip Makers

Key Points
A Wall Street analyst upgraded EchoStar's stock this week.
The analyst believes EchoStar will receive a hefty price for its remaining wireless spectrum assets.
Bloomberg also reported SpaceX, of which EchoStar is a shareholder, may pursue a 2026 IPO at an eye-watering valuation.
Shares of satellite telecommunications company EchoStar (NASDAQ: SATS) rallied 27.3% this week through Thursday trading, according to data from S&P Global Market Intelligence.
EchoStar stock has nearly quintupled this year. Having begun the year as a debt-laden, struggling cable company, EchoStar decided to sell its long-held wireless spectrum assets to other players, and received significantly more money for them than the market had anticipated. Moreover, some spectrum was sold to SpaceX, for which EchoStar received both cash and SpaceX stock.
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This week, EchoStar received even better news regarding the value of its remaining spectrum assets, as well as reports of ever-escalating estimates for SpaceX's valuation.
With spectrum and SpaceX, who cares about the core business?
This week, Morgan Stanley telecom analyst Benjamin Swinburne upgraded EchoStar stock to an "Overweight" rating from "Equal Weight." The rationale is that Swinburne now expects EchoStar's remaining AWS-3 spectrum holdings to receive a strong sale price and a likely bidding war between Verizon and T-Mobile.
This year, the value of EchoStar's spectrum assets has been a significantly more important factor for the stock than the company's operating businesses across satellite cable, broadband, and wireless services. So to see an analyst increase the value of its remaining spectrum asset was important.
Additionally, for a spectrum sale to SpaceX this past summer and a more recent follow-on sale, EchoStar has received a combined $11.1 billion in SpaceX stock this year. The valuation of that SpaceX stock was uncertain at the time of the transactions, but was likely significantly lower than SpaceX's recent financing round, which was rumored to garner an $800 billion valuation.
Then this week, Bloomberg News reported that SpaceX will pursue an initial public offering sometime in 2026, at a rumored valuation of $1.5 trillion.
Needless to say, that valuation would be massive for EchoStar, and likely two to three times higher than the price at which EchoStar acquired its stock.
Is there still upside in a stock up over 350% this year?
Even after this recent rally, EchoStar's market capitalization is only $30 billion. So, if EchoStar acquired its SpaceX stock at a $500 billion valuation and SpaceX manages to go public at a $1.5 trillion valuation, the value of EchoStar's SpaceX stock would be more than EchoStar's entire value. We still don't know exactly at what valuation EchoStar acquired its stock, but that's not an unreasonable estimate. Additionally, when EchoStar's other spectrum sales close, the company should be left with an additional $8.6 billion in net cash.
EchoStar's actual operating businesses in cable, broadband, and wireless are relatively unexciting. But investors shouldn't really care too much about those businesses these days, as the stock has become a net asset play.
Should you invest $1,000 in EchoStar right now?
Before you buy stock in EchoStar, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and EchoStar wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $507,421!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,109,138!*
Now, it’s worth noting Stock Advisor’s total average return is 972% — a market-crushing outperformance compared to 195% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
*Stock Advisor returns as of December 8, 2025
Billy Duberstein and/or his clients have positions in T-Mobile US. The Motley Fool recommends T-Mobile US and Verizon Communications. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why EchoStar Rallied Again This Week

For Immediate Release
Chicago, IL – December 12, 2025 – Today, Zacks Investment Ideas feature highlights Alphabet GOOGL, Amazon AMZN, AST Space Mobile ASTS, Globalstar GSAT, EchoStar SATS, Viasat VSAT and Planet Labs PL.
From Apollo to SpaceX: The Dawn of a Secular Space Boom
The last human moon landing occurred more than 50 years ago when NASA’s Apollo 17 mission touched down on the lunar surface, and U.S. astronauts Eugene Cernan and Harrison Schmitt collected samples and conducted experiments. Why has it been so long since? The answer depends on who you ask. Perhaps the reason was a lack of interest after the space race, or maybe it was NASA budgetary issues due to an expanding U.S. fiscal deficit.
Despite these challenges, a scrappy 2002 start-up called Space Exploration Technologies (SpaceX) would change the course of history. Out of necessity, Elon Musk and his team worked backward from a first-principles framework to drastically reduce costs. Additionally, through years of hard work, the SpaceX team achieved the holy grail of rocketry – reusability. Reusability is a game-changer for space travel because it allows for more frequent travel and makes space travel far more affordable and efficient.
Why the Space Industry is Entering a Secular Bull Market
In the past, space endeavors required only two things: a large enough budget and enough interest. However, for private space companies to thrive, capitalism and profits are a non-negotiable.
Earlier this month, SpaceX Founder and CEO Elon Musk confirmed rumors that SpaceX will go public next year and seek a $1.5 trillion valuation. If SpaceX is to garner a $1.5 trillion valuation, it would make the IPO the largest in history, and it would act as a proof of concept for private space companies and would likely spur investment across the industry.
Unpacking the Space Economy
Below are three emerging segments of the space economy for investors to monitor:
· Data Centers: The recent spending spree from big tech juggernauts on AI data centers is unprecedented. For these deep-pocketed companies, the roadblock is not money, but instead a lack of energy. From this perspective, space has notable advantages over Earth. In space, satellites can absorb the sun 24 hours a day (and the sun is ~30% more intense). Meanwhile, cooling these space data centers is far less complicated than on Earth. A company would simply need to put a radiator on the dark side of the satellite. Recent comments suggest that Elon Musk, Alphabet and Amazon are racing to deploy the first data centers in space.
· Broadband Internet: Earth has an unquenchable thirst for more internet and more bandwidth. Space-based internet improves performance and has no dead spots like legacy internet. AST Space Mobile, Globalstar, EchoStar and Viasat are four leaders to watch in this space vertical.
· Earth-Imaging Satellite: Low-orbit satellite providers such as Planet Labs provide daily images of the entire planet to industries like agriculture, defense, and environmental mapping. Unlike many space companies, PL is profitable. Last night, PL reported its fourth consecutive profitable quarter. Thursday, PL shares bolted more than 30% in mid-day trading.
Bottom Line
After decades of stagnation, the space industry is finally entering a true secular bull market – driven by innovation, profitability potential, and commercial demand. SpaceX’s rapid progress and potential record-setting IPO will serve as the spark that accelerates investment across the sector.
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Zacks Investment Ideas feature highlights: GOOGL, AMZN, ASTS, GSAT, SATS, VSAT and PL

From Apollo to SpaceX: The Dawn of a Secular Space Boom
The last human moon landing occurred more than 50 years ago when NASA’s Apollo 17 mission touched down on the lunar surface, and U.S. astronauts Eugene Cernan and Harrison Schmitt collected samples and conducted experiments. Why has it been so long since? The answer depends on who you ask. Perhaps the reason was a lack of interest after the space race, or maybe it was NASA budgetary issues due to an expanding U.S. fiscal deficit.
Despite these challenges, a scrappy 2002 start-up called Space Exploration Technologies (SpaceX) would change the course of history. Out of necessity, Elon Musk and his team worked backward from a first-principles framework to drastically reduce costs. Additionally, through years of hard work, the SpaceX team achieved the holy grail of rocketry – reusability. Reusability is a game-changer for space travel because it allows for more frequent travel and makes space travel far more affordable and efficient.
Why the Space Industry is Entering a Secular Bull Market
In the past, space endeavors required only two things: a large enough budget and enough interest. However, for private space companies to thrive, capitalism and profits are a non-negotiable.
Earlier this month, SpaceX Founder and CEO Elon Musk confirmed rumors that SpaceX will go public next year and seek a $1.5 trillion valuation. If SpaceX is to garner a $1.5 trillion valuation, it would make the IPO the largest in history, and it would act as a proof of concept for private space companies and would likely spur investment across the industry.
Unpacking the Space Economy
Below are three emerging segments of the space economy for investors to monitor:
· Data Centers: The recent spending spree from big tech juggernauts on AI data centers is unprecedented. For these deep-pocketed companies, the roadblock is not money, but instead a lack of energy. From this perspective, space has notable advantages over Earth. In space, satellites can absorb the sun 24 hours a day (and the sun is ~30% more intense). Meanwhile, cooling these space data centers is far less complicated than on Earth. A company would simply need to put a radiator on the dark side of the satellite. Recent comments suggest that Elon Musk, Alphabet (GOOGL), and Amazon (AMZN) are racing to deploy the first data centers in space.
· Broadband Internet: Earth has an unquenchable thirst for more internet and more bandwidth. Space-based internet improves performance and has no dead spots like legacy internet. AST Space Mobile (ASTS), Globalstar (GSAT), EchoStar (SATS), and Viasat (VSAT) are four leaders to watch in this space vertical.
· Earth-Imaging Satellite: Low-orbit satellite providers such as Planet Labs (PL) provide daily images of the entire planet to industries like agriculture, defense, and environmental mapping. Unlike many space companies, PL is profitable. Last night, PL reported its fourth consecutive profitable quarter. Thursday, PL shares bolted more than 30% in mid-day trading.
Bottom Line
After decades of stagnation, the space industry is finally entering a true secular bull market – driven by innovation, profitability potential, and commercial demand. SpaceX’s rapid progress and potential record-setting IPO will serve as the spark that accelerates investment across the sector.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

From Apollo to SpaceX: The Dawn of a Secular Space Boom

The S&P 500 Index ($SPX) (SPY) on Wednesday closed up by +0.67%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up by +1.05%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up by +0.42%. December E-mini S&P futures (ESZ25) rose +0.66%, and December E-mini Nasdaq futures (NQZ25) rose +0.44%.
Stock indexes shook off early weakness on Wednesday and settled higher, with the S&P 500 posting a 6-week high, the Nasdaq 100 a 5-week high, and the Dow Jones Industrial Average a 3.5-week high. Stocks rallied on Wednesday after the Fed cut interest rates by 25 bp and Fed Chair Powell took a less hawkish tone than anticipated. Stocks also found support after the Fed raised its US 2025 GDP forecast and lowered its core PCE price forecast. In addition, the Fed boosted market liquidity by saying it will purchase $40 billion of T-bills per month to rebuild reserves.
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Stocks found some support today amid signs of easing wage pressures, which are dovish for Fed policy, after the US Q3 employment cost index rose by +0.8% q/q, slightly weaker than the +0.9% q/q expected.
US MBA mortgage applications rose +4.8% in the week ended December 5, with the purchase mortgage sub-index down -2.4% and the refinancing mortgage sub-index up +14.3%. The average 30-year fixed rate mortgage rose +1 bp to 6.33% from 6.32% in the prior week.
The FOMC, as expected, cut the fed funds target range by 25 bp to 3.50%-3.75% in a 9-3 vote and said it will consider "the extent and timing of additional adjustments" to interest rates. The FOMC noted that "job gains have slowed this year" and "downside risks to employment rose in recent months." Also, "inflation has moved up since earlier in the year and remains somewhat elevated."
The Fed's "dot plot" of interest rate projections shows the median forecast for the fed funds rate is 3.375% for the end of 2026, implying one 25 bp rate cut next year, unchanged from September.
The FOMC raised its 2025 GDP estimate to 1.7% from 1.6% in September and raised its 2026 GDP estimate to 2.3% from 1.8% in September. The FOMC cut its 2025 core PCE price estimate to 3.0% from 3.1% in September and cut its 2026 core PCE price estimate to 2.5% from 2.6% in September.
The Fed said it will begin buying $40 billion of Treasury bills per month starting December 12 to rebuild reserves in the financial system, which shrank as it tightened its balance sheet.
Fed Chair Powell signaled the Fed may now pause its interest rate cutting campaign when he said the Fed is now "within a range of plausible estimates of neutral and leave us well positioned to determine the extent and timing of additional adjustments" to rates. He added that he doesn't think a rate hike is anybody's base case for the Fed's next policy move.
The markets this week will focus on Thursday’s weekly initial unemployment claims, expected to increase by +29,000 to 220,000.
The markets are discounting a 22% chance that the FOMC will cut the fed funds target range by 25 bp at the January 27-28 FOMC meeting.
Q3 corporate earnings season is drawing to a close as 495 of the 500 S&P companies have released results. According to Bloomberg Intelligence, 83% of reporting S&P 500 companies exceeded forecasts, on course for the best quarter since 2021. Q3 earnings rose +14.6%, more than doubling expectations of +7.2% y/y.
Overseas stock markets settled lower on Wednesday. The Euro Stoxx 50 closed down -0.18%. China’s Shanghai Composite closed down -0.23%. Japan’s Nikkei Stock 225 fell from a 3.5-week high and closed down -0.10%.
Interest Rates
March 10-year T-notes (ZNH6) on Wednesday closed up +4 ticks. The 10-year T-note yield fell -4.1 bp to 4.147%. Mar T-note futures rebounded from a 3-month low on Wednesday and moved higher, and the 10-year T-note yield fell from a 3-month high of 4.207%. T-notes found support after the US Q3 employment index rose less than expected, a dovish factor for Fed policy. T-notes added to their gains after the FOMC cut its 2025 and 2026 US core PCE price estimates and after Fed Chair Powell said that he doesn't think a rate hike is anybody's base case for the Fed's next policy move.
T-notes were initially under pressure early Wednesday amid concerns that a divided FOMC will signal a hawkish rate cut of -25 bp, but then signal policy will remain on hold for an extended period. T-notes also saw some negative carryover from hawkish ECB comments on Wednesday, which pushed the German 10-year bund yield to an 8.75-month high.
European government bond yields are moving higher today. The 10-year German bund yield climbed to an 8.75-month high of 2.895% and finished up by +0.1 bp to 2.851%. The 10-year UK gilt yield rose to a 2.5-week high of 4.554% and is up by +0.1 bp to 4.506%.
ECB President Lagarde said the ECB will likely raise its economic growth forecasts at next week's policy meeting, reflecting a more optimistic outlook.
ECB Governing Council member Simkus said, "We have an inflation rate that is more or less close to the 2% target in the medium term, which suggests no need for a change in interest rates, not only at the next ECB meeting in December but also in further meetings."
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on December 18.
US Stock Movers
Chip makers rallied on Wednesday, helping lift the broader market. Micron Technology (MU) and Marvell Technology (MRVL) closed up more than +4%, and Applied Materials (AMAT) and Qualcomm (QCOM) closed up more than +3%. Also, Analog Devices (ADI), Broadcom (AVGO), GlobalFoundries (GFS), Lam Research (LRCX), Microchip Technology (MCHP), NXP Semiconductors NV (NXPI), KLA Corp (KLAC), and Texas Instruments (TXN) closed up more than +1%.
Mobile grocery delivery service companies retreated on Wednesday after Amazon.com said it has expanded same-day delivery for perishable groceries to over 2,300 cities and towns, with more coming next year. Maplebear (CART) closed down more than -6% and Uber Technologies (UBER) closed down more than -5% to lead losers in the S&P 500. Also, DoorDash (DASH) closed down more than -4%.
Photronics (PLAB) closed up more than +45% after reporting Q4 adjusted EPS of 60 cents, well above the consensus of 45 cents, and forecasting Q1 adjusted EPS of 51 cents to 59 cents, better than the consensus of 46 cents.
GE Vernova (GEV) closed up more than +15% to lead gainers in the S&P 500 after boosting its stock buyback program to $10 billion and doubling its quarterly dividend to 50 cents.
EchoStar (SATS) closed up more than +10% after Morgan Stanley upgraded the stock to overweight from equal weight with a price target of $110.
Middleby Corp. (MIDD) closed up more than +9% after Jeffries upgraded the stock to buy from hold with a price target of $175.
American International Group (AIG) closed up more than +6% after Insurance Inside reported that Chubb made an informal takeover offer for the company.
PepsiCo (PEP) closed up more than +3% after JPMorgan Chase upgraded the stock to overweight from neutral with a price target of $164.
Waters Corp. (WAT) closed up more than +2% after Wolfe Research upgraded the stock to outperform from peer perform with a price target of $480.
AeroVironment (AVAV) closed down -13% after cutting its 2026 adjusted EPS forecast to $3.40-$3.55 from a previous forecast of $3.60-$3.70, below the consensus of $3.63.
Netflix (NFLX) closed down more than -4% after Paramount said in a letter to Warner Bros. Discovery holders that its offer of $30 per share is superior to Netflix’s offer.
GameStop (GME) closed down more than -4% after reporting Q3 net sales fell -4.6% y/y to $821.0 million.
Noble Corp Plc (NE) closed down more than -2% after JPMorgan Chase downgraded the stock to neutral from overweight.
T Rowe Price Group (TROW) closed down more than 1% after reporting that assets under management in Nov fell -0.2% m/m to $1.79 trillion.
Earnings Reports(12/11/2025)
Broadcom Inc (AVGO), Ciena Corp (CIEN), Costco Wholesale Corp (COST), Lululemon Athletica Inc (LULU), RH (RH).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Rally as Fed Cuts Interest Rates and Boosts Liquidity

The S&P 500 Index ($SPX) (SPY) today is down up +0.34%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.67%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.01%.
In a divided vote, the Federal Reserve approved a third 25-basis-point interest rate reduction this year, setting the benchmark to a range of 3.5% to 3.75%. The decision faced opposition from both hawks, who preferred no change, and a dove who argued for a larger, half-percentage-point cut. Despite inflation remaining above the 2% target, officials anticipate only one further cut in 2026, consistent with previous projections, citing a softening job market.
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Before the rate cut was announced, stocks found some support today amid signs of easing wage pressures, which are dovish for Fed policy, after the US Q3 employment cost index rose by +0.8% q/q, slightly weaker than the +0.9% q/q expected.
US MBA mortgage applications rose +4.8% in the week ended December 5, with the purchase mortgage sub-index down -2.4% and the refinancing mortgage sub-index up +14.3%. The average 30-year fixed rate mortgage rose +1 bp to 6.33% from 6.32% in the prior week.
On Thursday, weekly initial unemployment claims are expected to increase by +29,000 to 220,000.
Q3 corporate earnings season is drawing to a close as 495 of the 500 S&P companies have released results. According to Bloomberg Intelligence, 83% of reporting S&P 500 companies exceeded forecasts, on course for the best quarter since 2021. Q3 earnings rose +14.6%, more than doubling expectations of +7.2% y/y.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.21%. China’s Shanghai Composite closed down -0.23%. Japan’s Nikkei Stock 225 fell from a 3.5-week high and closed down -0.10%.
Interest Rates
March 10-year T-notes (ZNH6) today are up +2 ticks. The 10-year T-note yield is down -2.2 bp to 4.166%. Mar T-note futures rebounded from a 3-month low today and moved higher, and the 10-year T-note yield fell from a 3-month high of 4.207%. T-notes found support after the US Q3 employment index rose less than expected, a dovish factor for Fed policy. Short covering also emerged in T-notes today after crude oil prices stumbled to a 2-week low, which lowered inflation expectations. In addition, position squaring ahead of this afternoon’s FOMC results helped push T-note prices higher.
T-notes today were initially under pressure amid concerns that a divided FOMC will signal a hawkish rate cut of -25 bp, but then signal policy will remain on hold for an extended period. T-notes also saw some negative carryover from hawkish ECB comments today, which pushed the German 10-year bund yield to an 8.75-month high.
European government bond yields are moving higher today. The 10-year German bund yield climbed to an 8.75-month high of 2.895% and is up by +1.2 bp to 2.862%. The 10-year UK gilt yield rose to a 2.5-week high of 4.554% and is up by +1.3 bp to 4.518%.
ECB President Lagarde said the ECB will likely raise its economic growth forecasts at next week's policy meeting, reflecting a more optimistic outlook.
ECB Governing Council member Simkus said, "We have an inflation rate that is more or less close to the 2% target in the medium term, which suggests no need for a change in interest rates, not only at the next ECB meeting in December but also in further meetings."
Swaps are discounting a 0% chance for a -25 bp rate cut by the ECB at its next policy meeting on December 18.
US Stock Movers
Mobile grocery delivery service companies are sliding today after Amazon.com said it has expanded same-day delivery for perishable groceries to over 2,300 cities and towns, with more coming next year. Maplebear (CART) is down more than -6% and Uber Technologies (UBER) is down more than -4% to lead losers in the S&P 500. Also, DoorDash (DASH) is down more than -4% to lead losers in the Nasdaq 100.
Cryptocurrency-exposed stocks are under pressure today with Bitcoin (^BTCUSD) down nearly -1%. MARA Holdings (MARA) is down more than -3%, and Galaxy Digital Holdings (GLXY) and Riot Platforms (RIOT) are down more than -2%. Also, Strategy (MSTR) and Coinbase Global (COIN) are down more than -1%.
AeroVironment (AVAV) is down more than -10% after cutting its 2026 adjusted EPS forecast to $3.40-$3.55 from a previous forecast of $3.60-$3.70, below the consensus of $3.63.
GameStop (GME) is down more than -6% after reporting Q3 net sales fell -4.6% y/y to $821.0 million.
T Rowe Price Group (TROW) is down more than -3% after reporting assets under management in Nov fell -0.2% m/m to $1.79 trillion.
Noble Corp Plc (NE) is down more than -3% after JPMorgan Chase downgraded the stock to neutral from overweight.
Biogen (BIIB) is down more than -1% after HBSC downgraded the stock to reduce from hold with a price target of $143.
Photronics (PLAB) is up more than +42% after reporting Q4 adjusted EPS of 60 cents, well above the consensus of 45 cents, and forecasting Q1 adjusted EPS of 51 cents to 59 cents, better than the consensus of 46 cents.
GE Vernova (GEV) is up more than +9% to lead gainers in the S&P 500 after boosting its stock buyback program to $10 billion and doubling its quarterly dividend to 50 cents.
EchoStar (SATS) is up more than +5% after Morgan Stanley upgraded the stock to overweight from equal weight with a price target of $110.
Middleby Corp. (MIDD) is up more than +5% after Jeffries upgraded the stock to buy from hold with a price target of $175.
Chewy (CHWY) is up more than +2% after reporting Q3 net sales of $3.12 billion, better than the consensus of $3.10 billion.
PepsiCo (PEP) is up more than +2% after JPMorgan Chase upgraded the stock to overweight from neutral with a price target of $164.
Waters Corp. (WAT) is up more than +1% after Wolfe Research upgraded the stock to outperform from peer perform with a price target of $480.
Earnings Reports(12/10/2025)
Adobe Inc (ADBE), Chewy Inc (CHWY), Nordson Corp (NDSN), Oracle Corp (ORCL), Synopsys Inc (SNPS), Vail Resorts Inc (MTN).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Fed Cuts Rates for Third Time This Year, Signals One More in 2026

The S&P 500 Index ($SPX) (SPY) today is down by -0.06%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.26%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.50%. December E-mini S&P futures (ESZ25) are down -0.08%, and December E-mini Nasdaq futures (NQZ25) are down -0.58%.
Stock indexes are mostly lower today ahead of the FOMC meeting results this afternoon. Stocks are under pressure today due to rising global bond yields. The 10-year T-note yield rose to a 3-month high of 4.21% and the 10-year German bund yield climbed to an 8.75-month high of 2.90%. However, T-note yields have since turned lower on position squaring ahead of the FOMC meeting results, with the 10-year T-note yield down -2 bp to 4.17%.
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The markets are concerned that the FOMC will make a hawkish rate cut at the conclusion of today’s 2-day FOMC meeting, where they cut interest rates by -25 bp but signal a “long hold” in rates thereafter. Recent US economic news has shown the economy cooling while inflation remains above target, which may prompt the Fed to delay further rate cuts.
Stocks found some support today amid signs of easing wage pressures, which are dovish for Fed policy, after the US Q3 employment cost index rose by +0.8% q/q, slightly weaker than the +0.9% q/q expected.
US MBA mortgage applications rose +4.8% in the week ended December 5, with the purchase mortgage sub-index down -2.4% and the refinancing mortgage sub-index up +14.3%. The average 30-year fixed rate mortgage rose +1 bp to 6.33% from 6.32% in the prior week.
The markets this week will focus on government reports and the FOMC meeting. Later today, the FOMC meeting is expected to cut the federal funds target range by -25 bp to 3.50%-3.75%. The markets will also look at the Fed's summary of economic projections and its dot-plot interest rate forecast. In addition, post-meeting comments from Fed Chair Powell about the future direction of interest rates could move the markets. On Thursday, weekly initial unemployment claims are expected to increase by +29,000 to 220,000.
The markets are discounting a 93% chance of another -25 bp rate cut at the conclusion of the 2-day FOMC meeting later today.
Q3 corporate earnings season is drawing to a close as 495 of the 500 S&P companies have released results. According to Bloomberg Intelligence, 83% of reporting S&P 500 companies exceeded forecasts, on course for the best quarter since 2021. Q3 earnings rose +14.6%, more than doubling expectations of +7.2% y/y.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.21%. China’s Shanghai Composite closed down -0.23%. Japan’s Nikkei Stock 225 fell from a 3.5-week high and closed down -0.10%.
Interest Rates
March 10-year T-notes (ZNH6) today are up +2 ticks. The 10-year T-note yield is down -2.2 bp to 4.166%. Mar T-note futures rebounded from a 3-month low today and moved higher, and the 10-year T-note yield fell from a 3-month high of 4.207%. T-notes found support after the US Q3 employment index rose less than expected, a dovish factor for Fed policy. Short covering also emerged in T-notes today after crude oil prices stumbled to a 2-week low, which lowered inflation expectations. In addition, position squaring ahead of this afternoon’s FOMC results helped push T-note prices higher.
T-notes today were initially under pressure amid concerns that a divided FOMC will signal a hawkish rate cut of -25 bp, but then signal policy will remain on hold for an extended period. T-notes also saw some negative carryover from hawkish ECB comments today, which pushed the German 10-year bund yield to an 8.75-month high.
European government bond yields are moving higher today. The 10-year German bund yield climbed to an 8.75-month high of 2.895% and is up by +1.2 bp to 2.862%. The 10-year UK gilt yield rose to a 2.5-week high of 4.554% and is up by +1.3 bp to 4.518%.
ECB President Lagarde said the ECB will likely raise its economic growth forecasts at next week's policy meeting, reflecting a more optimistic outlook.
ECB Governing Council member Simkus said, "We have an inflation rate that is more or less close to the 2% target in the medium term, which suggests no need for a change in interest rates, not only at the next ECB meeting in December but also in further meetings."
Swaps are discounting a 0% chance for a -25 bp rate cut by the ECB at its next policy meeting on December 18.
US Stock Movers
Mobile grocery delivery service companies are sliding today after Amazon.com said it has expanded same-day delivery for perishable groceries to over 2,300 cities and towns, with more coming next year. Maplebear (CART) is down more than -6% and Uber Technologies (UBER) is down more than -4% to lead losers in the S&P 500. Also, DoorDash (DASH) is down more than -4% to lead losers in the Nasdaq 100.
Cryptocurrency-exposed stocks are under pressure today with Bitcoin (^BTCUSD) down nearly -1%. MARA Holdings (MARA) is down more than -3%, and Galaxy Digital Holdings (GLXY) and Riot Platforms (RIOT) are down more than -2%. Also, Strategy (MSTR) and Coinbase Global (COIN) are down more than -1%.
AeroVironment (AVAV) is down more than -10% after cutting its 2026 adjusted EPS forecast to $3.40-$3.55 from a previous forecast of $3.60-$3.70, below the consensus of $3.63.
GameStop (GME) is down more than -6% after reporting Q3 net sales fell -4.6% y/y to $821.0 million.
T Rowe Price Group (TROW) is down more than -3% after reporting assets under management in Nov fell -0.2% m/m to $1.79 trillion.
Noble Corp Plc (NE) is down more than -3% after JPMorgan Chase downgraded the stock to neutral from overweight.
Biogen (BIIB) is down more than -1% after HBSC downgraded the stock to reduce from hold with a price target of $143.
Photronics (PLAB) is up more than +42% after reporting Q4 adjusted EPS of 60 cents, well above the consensus of 45 cents, and forecasting Q1 adjusted EPS of 51 cents to 59 cents, better than the consensus of 46 cents.
GE Vernova (GEV) is up more than +9% to lead gainers in the S&P 500 after boosting its stock buyback program to $10 billion and doubling its quarterly dividend to 50 cents.
EchoStar (SATS) is up more than +5% after Morgan Stanley upgraded the stock to overweight from equal weight with a price target of $110.
Middleby Corp. (MIDD) is up more than +5% after Jeffries upgraded the stock to buy from hold with a price target of $175.
Chewy (CHWY) is up more than +2% after reporting Q3 net sales of $3.12 billion, better than the consensus of $3.10 billion.
PepsiCo (PEP) is up more than +2% after JPMorgan Chase upgraded the stock to overweight from neutral with a price target of $164.
Waters Corp. (WAT) is up more than +1% after Wolfe Research upgraded the stock to outperform from peer perform with a price target of $480.
Earnings Reports(12/10/2025)
Adobe Inc (ADBE), Chewy Inc (CHWY), Nordson Corp (NDSN), Oracle Corp (ORCL), Synopsys Inc (SNPS), Vail Resorts Inc (MTN).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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