TLDR
- Comcast surged 23% after announcing a tax-free spin-off separating NBCUniversal from its broadband business
- GameStop rose 2% after projecting EBITDA above $600M for FY2027 and advancing its eBay acquisition bid
- SpaceX shares edged up 1.3% after being added to the Nasdaq-100 index ahead of July 7
- British American Tobacco fell 2% after announcing 5,500 job cuts as part of an AI-driven restructuring
- S&P 500 futures rose 0.79% with Bitcoin up 0.73% to $59,831 in early Monday trading
U.S. stock futures pushed higher Monday morning as investors reacted to a reported pause in direct military actions between the U.S. and Iran. The positive start sets the tone for a holiday-shortened week loaded with economic data and central bank commentary.
Comcast was the biggest story of the morning, jumping 23% in premarket trading after announcing plans to split into two independent publicly traded companies through a tax-free spin-off. The deal will separate NBCUniversal — which includes film and TV studios, Peacock, theme parks, and Sky — from Comcast’s broadband, wireless, and technology businesses.
Brian Roberts will stay involved with both companies after the split. Mike Cavanagh will lead NBCUniversal, while former CFO Michael Angelakis will become CEO of the new Comcast. The spin-off is expected to close in about a year, pending regulatory approvals.
Charter Communications also gained 23.5% in premarket, likely benefiting from the broader sentiment around the cable and broadband sector following the Comcast news.
GameStop Eyes eBay and Projects Strong Earnings
GameStop rose 2% after the video game retailer projected adjusted EBITDA of more than $600 million for FY2027. That’s up sharply from $345.4 million in FY2025.
The company also confirmed it is still pursuing its proposed acquisition of eBay at $125 per share in cash and stock. GameStop has now built its stake in eBay to 7.8% of outstanding shares through derivative-linked options structures.
Viridian Therapeutics climbed 12% after launching its first commercial product, Lumvoa, following FDA approval for thyroid eye disease. The drug showed results in two Phase 3 trials after 12 weeks of treatment.
SpaceX Joins Nasdaq-100 as British American Tobacco Cuts Jobs
SpaceX edged up 1.3% after the Nasdaq-100 announced it would add the company to the index on July 7. SpaceX becomes the first company to benefit from Nasdaq’s new fast-track inclusion framework for large IPOs.
Analysts expect billions in passive fund inflows as index-tracking funds rebalance. SpaceX has a limited public float despite its roughly $2 trillion market value, which could push demand higher.
British American Tobacco dropped 2% after announcing it would cut 5,500 jobs and move another 3,500 roles to strategic partners. The cuts affect around 20% of its global workforce outside the U.S.
The tobacco company said the restructuring, which includes closing its Heidelberg factory in South Africa, should deliver an extra £600 million in annualized cost savings by 2028.
S&P 500 futures were up 0.79% at the time of reporting. Bitcoin was trading at $59,831, up 0.73% on the day. Gold futures fell 1.19%, while the 10-year Treasury yield rose to 4.379%.
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