EchoStar Soars, Robinhood, AppLovin Gains on Being Added to S&P 500

On this edition of Stock Movers: 

- EchoStar (SATS) shares soared today after Elon Musk's SpaceX agreed to acquire wireless spectrum from the satellite broadband company for about $17 billion, allowing Charlie Ergen’s beleaguered telecommunications company to resolve an overhanging regulatory probe and pay down debt. SpaceX is buying EchoStar’s AWS-4 and H-block spectrum licenses designated for satellite and mobile communications according to a statement Monday, confirming an earlier Bloomberg News report. It will pay as much as $8.5 billion in cash and up to $8.5 billion in SpaceX stock. SpaceX has also agreed to fund a total of about $2 billion in cash interest payments on EchoStar debt through November 2027.

- Robinhood (HOOD) and AppLovin (APP) shares gained today after S&P Dow Jones Indices said the stocks would be added to the S&P 500 Index. Emcor Group Inc. (EME) will also be added to the index. The three companies will replace MarketAxess Holdings Inc, Caesars Entertainment Inc. and Enphase Energy Inc. prior to the start of trading on Sept. 22. Robinhood’s entry into the S&P 500 marks a milestone not just for the company but for the investing boom it helped define. Once a symbol of pandemic-era excess, the trading app now oversees billions in customer assets, from options to crypto, proving a durable engine of retail market participation. Shares of Robinhood were up more than 7% in after-hours trading. The milestone underscores how fast retail-driven companies can move from the edge of the financial system to its center, as speculation reshapes markets from meme stocks to digital assets. With its slick interface and zero-commission trades, Robinhood captured a growing share of that flow.

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