Comcast sinks as it completes the spin-off of most of its cable channels

Shares of cable juggernaut and Peacock parent Comcast sank more than 6% in premarket trading on Monday.

Driving the move was the completion of a separation of most of its cable channels into a separate entity trading as Versant Media.

The spin-off, which you can blame for the MSNBC to MS NOW rebrand (and any resulting logos), was first announced in late 2024. Comcast’s cable channels, including USA Network, Golf Channel, Oxygen, and E!, have all moved under the Versant umbrella, along with digital brands like Rotten Tomatoes and Fandango. Comcast will retain NBC, Peacock, and Universal under the new structure.

Comcast isn’t the only cable giant trying to separate itself from cable. The media bidding war target of the moment, Warner Bros. Discovery, announced last year that it would perform a similar split.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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