FT : Billionaire Charlie Ergen plays his hand

Billionaire Charlie Ergen plays his hand
Making $10bn never hurt so much. Charlie Ergen in the last month has engineered $42bn worth of M&A involving the satellite company he founded, EchoStar.

EchoStar’s market capitalisation has gone from $2bn to $25bn in the past two years, and Ergen himself has captured almost half those gains through his stake in the company. And he really isn’t happy about any of it.

As DD’s Sujeet Indap and the FT’s Jill R Shah report, one of the greatest turnarounds of a distressed company in the history of corporate America has a reluctant protagonist. 

Ergen, who founded EchoStar in 1980, spent $40bn trying to stand up his own mobile phone network. But FCC chair Brendan Carr and his boss US President Donald Trump thought Ergen was moving too slowly and “squatting” on all that spectrum. Ergen in the last month then sold $23bn worth of airwaves to AT&T and then more intriguingly, cut a $19bn deal with Elon Musk’s SpaceX.

Shares in EchoStar have gone from $10 each to more than $80 and some of the biggest vulture funds in the world — Silver Point, Redwood and Darsana — have printed hundreds of millions of dollars in profits, alongside Ergen. It appears to be the biggest turnaround, based on dollars gained, since Carvana.


For his part, Ergen doesn’t like being told what to do. But when Trump is beating down your door you have no choice. The former professional poker player had this to say on Monday summing up the lucrative tragedy: 

“When you play blackjack, you play the odds, and every hand, there’s a right [or] wrong answer . . . that wasn’t so dissimilar here, where the hand that we’re dealt by the FCC was one that there’s only one logical path that we’re going to be able to take.”    

>>> US After Hours Summary: FDX +5.5% nicely higher on earnings, UPS +2.6% trade

After Hours Summary: FDX +5.5% nicely higher on earnings, UPS +2.6% trades higher in sympathy; SCHL -11.5% sharply lower on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: FDX +5.5%

Companies trading higher in after hours in reaction to news: MPTI +6.5% (awarded production contract from US DoD prime contractor), UPS +2.6% (in symptahy with FDX earnings; also terminates plan to acquire Estafeta), NNBR +2.5% (Chinese government approves continuation of joint venture), IEX +1.6% (increases share repurchase program), YOU +1.2% (Co and DocuSign (DOCU) announce new identity verification solution), JXN +1.1% ($1 bln increase to share repurchase program), COHU +1% (exclipse platform chosen for next generation AI computing devices), GNW +0.9% (authorizes new $350 mln share repurchase program), STTK +0.9% (stock offering by selling shareholders), KFY +0.8% ($250 mln increase to share repurchase program), TTAN +0.6% (to acquire Conduit Tech), TT +0.3% (launches AI Control and ARIA), DOCU +0.2% (Co and CLEAR (YOU) announce new identity verification solution), INCY +0.2% (additional FDA approval of Opzelura), MGM +0.1% (appoints new COO)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: SCHL -11.5%, HESM -0.4%

Companies trading lower in after hours in reaction to news: OLN -1.4% (to end joint venture with Mitsui & Co.), AMPH -1.4% (contract research agreement with Nanjing Hanxin Pharma), GEVO -1% (deal with Biocero to accelerate carbon credit offtake and business expansion), COHR -0.4% development of molded 2D lens array), TXN -0.1% (increases dividend), WPC -0.1% (increases dividend)

FT : Private equity-backed marina groups look to cash in on superyacht boom

Private equity-backed marina groups look to cash in on superyacht boom
Fragmented industry dominated by independent operators has become fertile ground for consolidation

A number of US marina businesses are exploring full or partial sales as their private equity owners look to cash in on a rising demand from superyachts.

Private equity group Centerbridge Partners was working with advisers to offload a minority stake in Suntex Marinas, which could value the business at about $4bn, according to people familiar with the matter.

KSL Capital Partners, the leisure-focused private equity group behind Third Space gyms, had also hired advisers to sell its Southern Marinas business, eyeing a valuation approaching $1bn, separate people said.

Private equity groups are increasingly viewing marinas, historically a fragmented industry dominated by independent operators, as a fertile ground for their roll-up strategy, where they stitch together standalone companies, boosting margins.

Earlier this year, Blackstone’s infrastructure arm struck a $5.6bn deal to buy Safe Harbor Marinas, the largest US marina group and superyacht servicing business, from Sun Communities, a real estate investment trust.

Similar to infrastructure assets, slip rentals at marinas, which normally involve contracts lasting at least a year, provide steady, reliable cash flows. Moreover, premium marinas catering to superyachts normally enjoy consistently high occupancy rates.

The popularity of superyachts among very wealthy Americans had also allowed marina businesses, such as Suntex and Southern, to implement pricing strategies which have boosted earnings, the people said.

Dallas-headquartered Suntex operates more than 90 marinas, including in New York, Florida and California, while Palm Beach, Florida-based Southern operates dozens of marinas largely in Florida and across the eastern seaboard.

There were no guarantees that either sale process would result in a deal, the people warned, adding that Centerbridge and KSL might opt to hold on to the assets for longer.

Centerbridge, which has $42bn of assets under management, first invested in Suntex in 2021, joining Resilient Capital Partners and the management team as equity owners. Last year Centerbridge, alongside some of its investors, pumped $1.2bn into Suntex to buy up more marinas across the US.

KSL, which has $23bn of assets under management, bought a majority stake in Southern Marinas in 2021. KSL owns Southern alongside the original management team.

Centerbridge, KSL and Suntex declined to comment. Southern did not immediately respond to a request for comment.

>>> Europe : Brokers Upgrades & Downgrades - 18th of September 2025

>>> Up
* Jupiter Raised to Buy at Peel Hunt; PT 156 pence
* Kuehne + Nagel Raised to Neutral at BNPP Exane
* Nike Raised to Outperform at RBC; PT $90
* Sandvik PT Raised to 305 kronor at Morgan Stanley

>>> Down
* Barry Callebaut Cut to Hold at Deutsche Bank
* BASF Cut to Underperform at BofA; PT 42 euros
* Innate Pharma ADRs Cut to Market Perform at Leerink; PT $2
* Krones Cut to Neutral at BNPP Exane; PT 136 euros
* Maersk Cut to Underperform at BNPP Exane; PT 107,000 kroner
* Metso Cut to Sell at ABG; PT 11.50 euros
* Neste Cut to Neutral at Goldman on Return to Premier Valuation

>>> Initiation
* Deutsche Post ADRs Rated New Underperform at BNPP Exane; PT $40
* Embla Medical HF Rated New Buy at Berenberg; PT 40 kroner
* Pandora ADRs Rated New Outperform at BNPP Exane; PT $26
* Stryker Rated New Neutral at Rothschild & Co Redburn; PT $420
* Zegna Group Rated New Outperform at Oddo BHF; PT $11.50
* Zimmer Biomet Rated New Buy at Rothschild & Co Redburn; PT $130

>>> Call
* BofA Clients Mostly Sold US Stocks, Bought Large Caps and REITs
* Kering’s New Gucci CEO Bellettini Has Good Record, RBC Says
* Norsk Hydro’s Guidance Package May Prompt Upgrades, Analysts Say
* Sandvik PT Raised to Street High at MS on Brownfields Growth
* Zegna an Outperform at Oddo BHF, Earnings Growth Not Priced In

>>> What to look at today - 18th of September 2025

US equity-index futures advanced, signaling renewed sentiment after the Federal Reserve’s interest-rate cut, even as questions lingered over the pace of future policy easing. Contracts for the S&P 500 advanced 0.5% while those for the Nasdaq 100 gained 0.7%, after the underlying benchmarks posted minor declines following Fed’s decision on Wednesday. Treasuries recouped some of their losses, while a gauge of the dollar rose for a second day as Fed Chair Jerome Powell termed the move a “risk-management cut.” Shares in Japan, China and South Korea rose. Oil held a decline as traders weighed the rate cut and an increase in US fuel inventories. New Zealand’s bonds gained and the currency fell after softer economic data fueled speculation of an outsized rate cut.
An index of global stocks climbed to a record high this week as investors priced in a 25-basis-point cut ahead of the Fed meeting. While the central bank followed through with a cut, officials stressed future policy will be decided “meeting by meeting” and warned “there’s no risk-free path.” Even so, policymakers now see two additional quarter-point cuts this year, one more than was projected in June. The Fed cut its benchmark interest rate by a quarter percentage point and penciled in two more reductions this year following months of intense pressure from the White House to slash borrowing costs. The Federal Open Market Committee voted 11-1 to lower the target range for the federal funds rate to a range of 4% to 4.25%. The lone dissent came from Fed Governor Stephen Miran, a close ally of Donald Trump who favored a larger reduction. Governors Christopher Waller and Michelle Bowman, who in July dissented in favor of a rate cut, supported this week’s move. Powell pointed to growing signs of weakness in the labor market to explain why officials decided it was time to cut rates after keeping them on hold since December amid concerns over tariff-driven inflation. Powell pushed back against bond traders betting the Fed would sweep in with a series of aggressive rate cuts to prevent the US economy from stalling. The Fed chair indicated he’s not abandoning his cautious approach, still mindful of the risks of inflation. Elsewhere in Asia, Chinese semiconductor makers rose after China’s ban on importing an Nvidia Corp. chip, a move that may boost the outlook for local competitors. Still, the restriction may impact product developments for AI-related firms in China, analysts say. China’s cyberspace regulator instructed companies including Alibaba Group Holding Ltd. to halt orders for a Nvidia semiconductor that can be used for AI applications. US After Hours CBRL -9.4% lower on earnings; NUE -5% lower on guidance; NBTX +44.7% on phase 1 study data; IONQ +5.8% signs MOU with US DoE.

Nikkei +1.30% Hang Seng -0.72% CSI -0.002% Shanghai -0.13% Shenzen +0.25%

Eur$ 1.1813 CNH 7.1048 CNY 7.1074 JPY 147.02 GBP 1.3620 CHF 0.7897 RUB 83.6152 TRY 41.3087 WTI$ 63.92 -0.14% Gold 3,660 -0.05% BTC 117,790 +1.85% ETH 4,619 +2.54%

S&P +0.41% Nasdaq +0.60% EuroStoxx +0.28% FTSE +0.05% Dax +0.35% SMI +0.06%

Macro :
- Funds Shifting Away From US Assets Due to Trump, Mercer Says (1)
- Ex-CDC Chief Tells Senate RFK Jr. Eyes More Vaccines Curbs (1)
- BofA Clients Mostly Sold US Stocks, Bought Large Caps and REITs
- *APPLE'S COOK, NVIDIA'S HUANG, SAM ALTMAN TO GO TO UK DINNER
- Powell’s Cautious Rate Cut Signals Data-Driven Fed Path Ahead

Keep an eye on :
- AIR FP : Europe’s ATR Sees Opportunity From US Regional Jet Retirements
- AMD US : "Massive ten-year" AI boom is just starting, AMD CEO says
- Andersen Group IPO : Tax Firm Andersen to File Publicly for IPO as Soon as This Week
- ASCN SW : Ascom Names Michael Reitermann as Interim CEO
- BIIB US : Biogen Gets EC Approval for Zurzuvae for Postpartum Depression
- BILL SS : Billerud Starts Cost Program Targeting SEK800m Annual Savings
- BOL FP : Bollore 1H Net Income EU240M Vs. EU3.76B Y/y
- DIS US : Nexstar’s ABC Affiliates to Preempt Kimmel Show Indefinitely
- DWS GY : DWS Prepares Sale of Data Center Business NorthC: FT
- LLY US : Lilly Seeks Broader Mounjaro Use After It Helped Diabetic Kids
- EQT US : *EQT SAID TO WEIGH $1 BILLION-PLUS US IPO OF WASTE FIRM REWORLD
- EQT SS : EQT Is Said to Weigh Options for School Bus Firm First Student
- EQNR NO : Equinor Says Worker Died in Accident at Refinery at Mongstad
- ETNB US : Roche to Buy 89bio for $14.50 Per Share (+80% Premium)
- EXO NA : Exor 1H Net Loss EU624M Vs. Profit EU14.70B Y/y
- 2317 TT : Foxconn to Start Building New Saudi EV Plant in Dec.: Report
- GOOGL US : Mars to invest €1bn in European manufacturing as US demand slows
- GOOGL US : China Drops Google Antitrust Probe During US Trade Talks: FT
- GTT FP : GTT Gets Order From Samsung Heavy for LNG Carrier Tank Design
- HOLX US : Blackstone, TPG Are Said to Revive Interest in Hologic Takeover
- IBE SM : GE Vernova Turbine Blade Damaged at Iberdola Wind Farm
- ITV LN : ITV Tumbles on Reports Redbird IMI Loses Interest in Studio Arm
- KER FP : Kering Names Bellettini President and CEO of Gucci, Kering’s New Gucci CEO Bellettini Has Good Record, RBC Says
- META US : Meta Launches $799 Glasses With Screen and AI Integration
- NANO FP : Nanobiotix Presents Data Showing A Favorable Safety Profile And Early Efficacy Signals In A Heavily Pre-Treated Population Whose --> +50%
- Netskope IPO : Cybersecurity Firm Netskope Said to Price IPO at $19 Per Share
- NOVOB DC : Novo Nordisk's oral semaglutide 25 mg (Wegovy in a pill*) delivered 16.6% weight loss in people with obesity in a newly published study
- NUE US : Nucor 3Q EPS Forecast Misses Estimates
- OVS IM :OVS 1H Adjusted Ebitda EU101.7M Vs. EU89.0M Y/y
- PLTR US : *PALANTIR TO INVEST £1.5B IN UK OVER FIVE YEARS: TIMES
- PEUG FP : Peugeot Invest : un ANR à 157,9 Euros
- ROG SW : Roche to Buy Biopharmceutical Firm 89bio in $3.5 Billion Deal
- SHA0 GY : Schaeffler Extends Gains as Analysts Praise Growth Story
- SIGN SW : SIG Starts Transformation Program, Cuts FY View, Pauses Dividend
- Strava ipo : Strava Seeks Bank Pitches for Roles in Possible IPO: Rtrs
- SUN SW: Sulzer Maintains FY Organic Revenue Forecast
- TSLA US : Tesla Is Redesigning Door Handles That Drew Scrutiny Over Safety
- TGS NO : TGS Reports PAMA Phase II Multiclient Survey Offshore Brazil
- UBSG SW : Activist Cevian says capital plans make Swiss HQ ‘not viable’ for UBS - FT
- UCB BB : UCB Says Galvokimig Showed Efficacy in First-In-Patient Study
- VENDA NO : Vend Says New Norway Real Estate Ads for July-August Dropped YoY
- WLN FP : ECB Sold Over €150m of Worldline Bonds, FT Reports
- VOW GY : Volkswagen Puts Final Contract Offer to UAW With 20% Pay Raise
- xAI IPO : xAI Executives Clashed With Musk Advisers on Operations, Finances -- WSJ

>>> Stoxx 600 Pre-Market Indications

  • Rolls-Royce (RRU TH) +1.7%
  • Novo (NOV TH) +1.7%
  • Rheinmetall (RHM TH) +1.4%
  • Hensoldt (HAG TH) +1.2%
  • SAP (SAP TH) +1.1%
  • Orsted (D2G TH) +1%
  • National Grid (NNGF TH) +0.9%
  • RENK Group (R3NK TH) +0.9%
  • Puma (PUM TH) -1.8%
    • Stock gained 17% yesterday

>>> TradeGate Pre-Market Indications

DAX:
  • SAP (SAP TH) +1.4%
  • Rheinmetall (RHM TH) +1.3%
MDAX:
  • DWS (DWS TH) +3.1%
    • DWS Prepares Sale of Data Center Business NorthC: FT
  • RENK Group (R3NK TH) +1.3%
  • Hensoldt (HAG TH) +1.3%
  • Krones (KRN TH) -0.8%
    • Krones Cut to Neutral at BNPP Exane; PT 136 euros
  • Puma (PUM TH) -1.6%
    • Stock gained 17% yesterday
SDAX:
  • MLP (MLP TH) +3.4%
  • Deutz (DEZ TH) +1.2%
  • Stratec (SBS TH) +1.1%

WSJ : Meta Unveils New Smartglasses With Display and AI Abilities

Meta Unveils New Smartglasses With Display and AI Abilities
CEO Mark Zuckerberg showed off the device, which can be controlled with small hand movements, at the company’s annual conference

  • Meta introduced smartglasses with a built-in display, controlled by small hand movements via a wrist strap.
  • Meta’s second-generation smartglasses saw success with over two million units sold since fall 2023.
  • Silicon Valley companies are developing AI devices to complement smartphones; OpenAI and Google are also developing glasses.


Meta Platforms META -0.42%decrease; red down pointing triangle announced a new pair of smartglasses with a small built-in display at the company’s annual hardware and developer conference on Wednesday.

The glasses, which can be controlled by small hand movements via a wrist strap called the Neural Band, mark the latest advancement in Meta’s push into hardware. The company, which is betting that smartglasses will be the next big computing device, has seen growing success in the category after a rocky start.

“This isn’t a prototype. This is here, it’s ready to go and you’re going to be able to buy it in a couple of weeks,” Meta Chief Executive Mark Zuckerberg said during the conference’s keynote address on Wednesday evening. The glasses-and-neural-band set retails for $799 and goes on sale Sept. 30.

Zuckerberg opened the keynote wearing the smartglasses, giving a live demonstration of them as he walked onstage at the company’s headquarters in Menlo Park, Calif. Later in the address, he tried to do a video call with Meta Chief Technology Officer Andrew Bosworth via the glasses. It didn’t work the first time.

The company introduced its first generation of the smartglasses in collaboration with Ray-Ban owner EssilorLuxottica in 2021, to tepid interest. The glasses could take photos and record videos but lacked artificial-intelligence capabilities. In 18 months, Meta sold about 300,000 pairs, and less than 10% of purchases were still being actively worn two years later.

The second generation of the shades, which the company previously said was redesigned from the ground up with improved camera and audio capabilities and new AI tools, achieved more success.

EssilorLuxottica Chief Executive Francesco Milleri said on an earnings call earlier this year that the company had sold more than two million pairs of the Meta smartglasses since fall 2023, when the second-generation glasses went on sale, and that it was planning to expand its production capacity for the glasses to 10 million pairs annually by the end of 2026.

“It is no surprise that AI glasses are taking off,” Zuckerberg said. “This feeling of presence is a profound thing, and we’ve lost it a little bit with phones and we have the opportunity to get it back.”

At the Meta Connect conference on Wednesday, the company also unveiled an updated version of its existing Ray-Ban smartglasses and a new line of smartglasses designed for athletes in collaboration with Oakley, a brand that is also owned by EssilorLuxottica. The shades have an AI assistant built into them that can see and hear the user’s surroundings through a camera and speakers. They can take photos and record videos, play music and talk to the wearer.

Zuckerberg announced a new feature for the glasses called “conversation focus” that can amplify a user’s friend’s voice and drown out other noises and sounds.

Companies in Silicon Valley are racing to develop AI-enabled devices that can either replace—or, more likely, complement—the smartphone.

The Meta smartglasses need to be connected to a user’s phone to upload photos and videos. Competitor OpenAI is working on an AI “companion” with former Apple designer Jony Ive. OpenAI CEO Sam Altman and Ive have told employees the device will be capable of being fully aware of a user’s surroundings and life, be unobtrusive, be able to rest in one’s pocket or on one’s desk and will be a third core device a person would put on a desk, after a laptop and iPhone.

In May, Google announced a new partnership with Warby Parker and luxury fashion house Kering to develop AI-powered glasses. The first line of products is expected to launch after 2025. Snap plans to launch holographic, augmented-reality glasses to the public next year, and Amazon.com sells glasses equipped with audio-calling and music-listening capabilities.

Meta also used the conference to tease new games that would soon be coming to its Quest virtual-reality headsets.