reports
- Philip Burnett
SATS: Quick thoughts following the 2Q25 Call
In our note this morning, we flagged that on the call management was likely to stick to boilerplate language about continuing to work to stand up a successful fourth wireless network, and wouldn’t have much to say about the FCC negotiations. That was pretty much the case. However, we did learn interesting details on how the company is thinking about the D2D opportunity, and gained insights on recent activity in the wireless market. We cover thoughts on both in this brief note.
- Philip Burnett
SATS 2Q25 Quick Take: Slightly soft results; no spectrum updates, but ...
Financial results were generally a bit worse than expected, though part of the weakness stemmed from the cost of producing much better adds in wireless. Free cash flow missed consensus by a mile, but we suspect investors engaged on EchoStar were braced for estimates closer to ours.
- Wedbush Research
XNCR XENCOR INC.
XENE XENON PHARMACEUTICALS INC
WDC WESTERN DIGITAL CORPORATION
VYGR VOYAGER THERAPEUTICS INC.
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
RARE ULTRAGENYX PHARMACEUTICAL INC.
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NVCR NOVOCURE LTD.
NTAP NETAPP INC.
NBIX NEUROCRINE BIOSCIENCES INC.
MU MICRON TECHNOLOGY INC.
KURA KURA ONCOLOGY INC.
INTC INTEL CORPORATION
HURN HURON CONSULTING GROUP INC.
GME GAMESTOP CORP. CLASS A
GERN GERON CORP.
FATE FATE THERAPEUTICS INC
CTMX CYTOMX THERAPEUTICS INC.
BZH BEAZER HOMES USA INC.
BMRN BIOMARIN PHARMACEUTICAL INC.
BIIB BIOGEN INC.
AXTI AXT INC.
ASND ASCENDIS PHARMA A/S SPONSORED ADR
ARDX ARDELYX INC
CDR CD PROJEKT S.A.
INOD INNODATA
FRX_CN FENNEC PHARMACEUTICALS
7974 NINTENDO CO. LTD.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
EA ELECTRONIC ARTS INC.
CVCO CAVCO INDUSTRIES INC.
ANAB ANAPTYSBIO INC.
ARGX ARGENX ADS
MRSN MERSANA THERAPEUTICS
ROKU ROKU INC. CLASS A
ISR ISORAY
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
APLS APELLIS PHARMACEUTICALS
DNLI DENALI THERAPEUTICS INC
RCUS ARCUS BIOSCIENCES
SRRK SCHOLAR ROCK HOLDING CORPORATION
KNSA KINIKSA PHARMACEUTICALS
REPL REPLIMUNE GROUP
ARVN ARVINAS HOLDING
YMAB Y-MABS THERAPEUTICS
STRO SUTRO BIOPHARMA
UBER UBER TECHNOLOGIES INC.
STOK STOKE THERAPEUTICS
IGMS IGM BIOSCIENCES
IDYA IDEAYA BIOSCIENCES
PASG PASSAGE BIO
BDTX BLACK DIAMOND THERAPEUTICS
ACET ADICET BIO INC
KROS KEROS THERAPEUTICS
ITOS ITEOS THERAPEUTICS
ZNTL ZENTALIS PHARMACEUTICALS
LRMR LARIMAR THERAPEUTICS INC
PRAX PRAXIS PRECISION MEDICINES
U UNITY SOFTWARE
TVTX TRAVERE THERAPEUTICS INC
PLTR PALANTIR TECHNOLOGIES
VRDN VIRIDIAN THERAPEUTICS INC
IMNM IMMUNOME
PLTK PLAYTIKA HOLDING
RBLX ROBLOX
DAWN DAY ONE BIOPHARMACEUTICALS INC
STX SEAGATE TECHNOLOGY HLDGS PLC
ATXS ASTRIA THERAPEUTICS INC
GFS GLOBALFOUNDRIES INC
GMTX GEMINI THERAPEUTICS INC
VIGL VIGIL NEUROSCIENCE INC
TYRA TYRA BIOSCIENCES INC
EWTX EDGEWISE THERAPEUTICS INC
DDI DOUBLEDOWN INTERACTIVE CO LTD
APGE APOGEE THERAPEUTICS INC
SKLZ SKILLZ INC
EMBRAC B EMBRACER GROUP AB
DNTH DIANTHUS THERAPEUTICS INC
TLX TELIX PHARMACEUTICALS LIMITED
MAZE MAZE THERAPEUTICS INC
- Daniel Ives
- Matthew Weiss
- Scott Devitt
Expectations Investing; OP, $250 PT
Figure 1. 2Q25 ResultsSource: Company reports, Wedbush estimates, FactSet consensusGuidance notes: 2Q total revenue guidance of $159B to $164B; 2Q operating income guidance of $13.0B to $17.5B.In 2Q, total revenues grew +13.3% Y/Y, ~3% ahead of expectations, driven by outperformance across all segm
- Dan Salmon
Amazon (AMZN, Buy, $260 target) AWS’s day is coming, but today is not ...
In this first take following tonight’s results, we focus on: 1. AWS revenue growth beats consensus but the real question is 2H acceleration 2. Increased 2025 capex guidance no surprise but no early hints for 2026 3. Custom silicon, price, and incumbent workloads define the long-term AWS AI strategy 4. Tariff uncertainty weighs on retail outlook, but underlying fundamentals remain strong
- Philip Burnett
SATS: The Only Thing That Matters Tomorrow
In its 8-K yesterday, EchoStar used vague language that could suggest it is open to selling some of its spectrum while continuing to try to build a business with the rest. When the company reports results tomorrow, investors will be singularly focused on any more concrete clues as to the company's intentions with its spectrum portfolio.
- Blair Levin
SATS and Carr: Is there really a best and final offer on the table?
As our New Street Colleagues discussed in a note yesterday afternoon, Bloomberg is reporting that the Chairman of the FCC has made a "best and final" offer to EchoStar that would force the company to sell its AWS-4 spectrum. Our colleagues focused on the economics of such a sale. In this note, we discuss the policy issues that we think are shaping those discussions and why we are skeptical that there is a “best and final” offer on the table.
- Wedbush Research
TSLA TESLA INC
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
SAGE SAGE THERAPEUTICS INC.
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
NBIX NEUROCRINE BIOSCIENCES INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
EBAY EBAY INC.
CYBR CYBERARK SOFTWARE LTD.
CHKP CHECK POINT SOFTWARE TECHNOLOGIES LTD.
OSTK OVERSTOCK.COM INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
CVNA CARVANA CO. CLASS A
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
TENB TENABLE HOLDINGS
LYFT LYFT
UBER UBER TECHNOLOGIES INC.
SMCI SUPER MICRO COMPUTER
PLTR INC.
STX PALANTIR TECHNOLOGIES
GFS SEAGATE TECHNOLOGY HLDGS PLC
GLOBALFOUNDRIES INC
- Anish Jog
- Daniel Ives
- Matthew Weiss
- Sam Brandeis
- Scott Devitt
- Steven Wahrhaftig
- Philip Burnett
- Philip Burnett
DBS Makes Interest Payments
Earlier this week, we flagged that the next piece of news from EchoStar would be about whether DBS was making interest payments that were originally due on July 1st. This morning, the company filed an 8-K stating that it has made the payments, thereby avoiding an "event of default".
- Wedbush Research
WDC WESTERN DIGITAL CORPORATION
VRNS VARONIS SYSTEMS INC.
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
ACRS ACLARIS THERAPEUTICS INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
EA ELECTRONIC ARTS INC.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
BKNG BOOKING HOLDINGS INC.
SMCI SUPER MICRO COMPUTER
FUBO INC.
U FUBOTV
NUVB UNITY SOFTWARE
STX NUVATION BIO INC (A)
SEAGATE TECHNOLOGY HLDGS PLC
- Daniel Ives
- Matthew Weiss
- Scott Devitt
- Anish Jog
- Daniel Ives
- Matthew Weiss
- Sam Brandeis
- Scott Devitt
- Steven Wahrhaftig
- Philip Burnett
FCC Chair Flags Ongoing Discussions with EchoStar About Spectrum
On Friday FCC Chairman Brendan Carr was interviewed on CNBC about the Paramount merger. However, near the end of the discussion (around the 7:35 mark), he mentioned that he is having "ongoing discussions" with Charlie Ergen about putting EchoStar's spectrum to its "highest and best use." This answers the most common question we have been getting from clients over the last few weeks on the company, which is whether progress toward a settlement between the FCC and EchoStar is being made. Moreover,...
- Wedbush Research
- Alicia Reese
- Kade Barr
- Matthew McCartney
Amazon Com Inc: 1 director
A director at Amazon Com Inc sold 4,154,098 shares at 229.719USD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...
- Dan Salmon
What is their ROIC on AI? AMZN steady, upside at GOOGL and META lags i...
We have rolled up all our bottom-up AI analyses into ROIC estimates for GOOGL, AMZN and META through 2030. Key Conclusions: There are three distinct ROI profiles. • AMZN is the only one with positive ROIC today. • GOOGL has the highest ROIC in 2030. • META lags throughout the decade.
- Wedbush Research
VRNS VARONIS SYSTEMS INC.
TSLA TESLA INC
QLYS QUALYS INC.
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
MCS MARCUS CORPORATION
IMAX IMAX CORPORATION
GOOGL ALPHABET INC. CLASS A
FTNT FORTINET INC.
FB FACEBOOK INC. CLASS A
CYBR CYBERARK SOFTWARE LTD.
CNK CINEMARK HOLDINGS INC.
CHKP CHECK POINT SOFTWARE TECHNOLOGIES LTD.
AMC AMC ENTERTAINMENT HOLDINGS INC. CLASS A
NFLX NETFLIX INC.
AMZN AMAZON.COM INC.
ZS ZSCALER INC.
TENB TENABLE HOLDINGS
CRWD CROWDSTRIKE HOLDINGS INC. CLASS A
PLTR PALANTIR TECHNOLOGIES
S SENTINELONE INC
RBRK RUBRIK INC
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