The latest Market Talks covering Technology, Media and Telecom. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1911 GMT - United Airlines flyers will be able to watch almost every MLB playoff game via DISH streaming supported by Starlink, the connectivity business of Elon Musk's SpaceX. United's Friday announcement comes Delta CEO Ed Bastian doubled-down on his decision not to use Starlink for inflight Wi-Fi in an interview with The Wall Street Journal. United says it is offering a status match offer for members of Delta and American Airlines loyalty programs. "Quality inflight Wi-Fi is more important than ever to travelers, and because Starlink gives people the same -- or better -- connectivity in the sky than they can get at home, it's a reason to choose United," the company says. (elias.schisgall@wsj.com)

1749 GMT - The sell-off in AT&T, Verizon, and T-Mobile US following SpaceX's deal to buy cellular spectrum licenses from investment firm Grain Management, may be overstating the competitive risks of SpaceX's mobile network play, Morgan Stanley analysts say in a note. "The Starlink Mobile disruption story could take years to play out and, even with this addition to SpaceX's spectrum portfolio, the company won't have enough spectrum to serve as a viable standalone competitor," they say. SpaceX may be well-positioned to compete in rural areas, but the company will need to substantially up its spectrum acquisitions and invest in terrestrial infrastructure to compete in densely-populated urban areas. T-Mobile slides 13%, AT&T falls 10%, and Verizon drops 9.8%. SpaceX is up 0.5%. (elias.schisgall@wsj.com)

1707 GMT - Xerox will have to execute against a challenging backdrop in the print market if it wants to reach sustainable revenue growth and stronger core free cash flow, Citi analysts write in a note, downgrading the stock to sell. Though the company has made progress on integrating its acquisition of Lexmark, they write, that acquisition and other management efforts may not be sufficient to offset pressures in the cash generation of Xerox's core business. "Until Xerox demonstrates sustained organic revenue stabilization alongside margin expansion, stronger normalized FCF and meaningful deleveraging, we see an unfavorable risk/reward, supporting our Sell rating," the analysts write. Shares fall 6.8% to $2.72. (elias.schisgall@wsj.com)

1531 GMT - SpaceX's latest spectrum deal makes its Starlink business a more credible mobile operator, KeyBanc Capital Markets analysts say in a note. The company plans to purchase low-band spectrum, which can penetrate buildings, they say. Given this deal and a prior spectrum acquisition--both of which DISH was utilizing for mobile service--it seems possible SpaceX could take over DISH leases, the analysts say. (kelly.cloonan@wsj.com)

1445 GMT - SpaceX's latest spectrum deal could stir up a fresh bout of worries over further competition for the big three wireless carriers, JPMorgan analysts say in a note. Beyond concerns over a new wireless entrant, or potential fourth carrier, the deal raises the risk that the leading players will need to spend more in upcoming spectrum auctions, the analysts say. However, the near-term risk to the wireless incumbents--which include Verizon, T-Mobile and AT&T--is still limited given the time, infrastructure and capital required to build a competitive terrestrial network, they say. (kelly.cloonan@wsj.com)

1426 GMT - SpaceX is committing further to wireless with its plans to buy a nationwide spectrum portfolio from Grain Management, JPMorgan analysts say in a note. The low-band portfolio gives SpaceX a coverage layer with stronger in-building propagation, complementing the mid-band spectrum it's acquiring from EchoStar, the analysts say. That should provide higher-bandwidth capacity, giving credibility to Starlink Mobile's long-term opportunity, they say. The latest deal "supports our view that SpaceX's mobile ambitions extend beyond handsets into IoT, autonomous vehicles and robotics, or 'connectivity of all things,'" they say, adding they would not be surprised to see SpaceX pursue additional low-band assets over time.(kelly.cloonan@wsj.com)

1314 GMT - Aritzia's strong F2Q and outlook ease some of the concerns over tough mobile app comparatives, says Michael Glen of Raymond James in a note. The end of October marks the one year anniversary of the women's fashion brand's mobile app launch, with the app performing very well, Glen says. He believes investors went into F2Q with a perspective that "tilted negative, with the absolute core concern due to this pending comp deceleration." Instead, Aritzia reported another set of "very strong results, and provided F3Q guidance that we believe should alleviate concerns regarding the tough mobile app compare." (adriano.marchese@wsj.com)

1142 GMT - Vodafone's U.K. unit VodafoneThree is well-positioned in a challenging market but German trends are seen weakening, UBS analysts Polo Tang and Dhruva Kusa Shah write. "While we are positive on the U.K. unit, we are cautious on Vodafone Germany," they say. However, investors may be more focused on the chance French billionaire Xavier Niel will lead a turnaround if he gets a seat on board, they say. Niel will be the U.K. telecommunications company's largest shareholder once his stake purchase from Emirates Telecommunications Group completes, which is expected by end of this year. UBS has a sell rating on the stock and 95 pence target price. Shares are down 4.2% at 119.20 pence, but 21% higher over the year-to-date. (ian.walker@wsj.com)

1110 GMT - Pearson should be able to deliver sustained growth and achieve its medium-term targets, but near-term growth triggers appear constrained, UBS analysts write. "While operational momentum remains solid, we see a less certain catalyst path from here and believe the current valuation fairly reflects the growth outlook," they say. UBS cuts its rating on the educational materials company's stock to neutral from buy, but keeps its target price at 13 pounds. Shares are down 0.4% at 12.72 pounds and 21% higher over the year to date. (ian.walker@wsj.com)

1104 GMT - European telecoms aren't significantly threatened by agentic artificial intelligence, JPMorgan's Akhil Dattani and Ankur Baheti write. Some investors worry that AI agents will prompt consumers to move providers more often and to negotiate down bills. Though the AI landscape is nascent and mustn't be dismissed, "we see numerous reasons why the impact on European telecoms should be contained," the analysts say. AI agents currently on the European market rarely prompt users to look to discount providers, they note. Incumbents should look to consolidate to crowd out the risk, they say. European telecoms shares fall sharply Friday after SpaceX moved to enter the mobile network market. Deutsche Telekom shares fall 6.3%, while Vodafone and Telefonica drop 4.1% and 3.9%, respectively. Orange shares fall 2.5%.(josephmichael.stonor@wsj.com)

0949 GMT - Soitec's gross margin should expand significantly over the coming years due to a contribution from photonics, Bank of America analysts write in a note to clients. The French semiconductor-materials maker generates revenue from Photonics-SOI--a platform to integrate photonic components on a silicon-on-insulator substrate that are widely used in data centers. Soitec reported a gross margin of 16.3% for the fiscal year that closed at the end of March. Analysts say that should grow to 29% in fiscal 2027, 39% in fiscal 2028 and 44% in fiscal 2029. "We think consensus underappreciates the margin accretion effect of the increasing mix of Photonics-SOI," they say as they upgrade their rating on the stock to buy from neutral. Soitec shares trade 6.3% higher at 162.00 euros. (mauro.orru@wsj.com)

0939 GMT - Investor concern following a report that OpenAI's annual revenue could be lower than signaled have eased, but the sharp market reaction shows the AI narrative is fragile, Tickmill Group's Patrick Munnelly says. A Financial Times report said OpenAI's annualized revenue would be $50 billion--$20 billion below market expectations--prompting a tech selloff Thursday, before Bloomberg reported that the frontier AI model remains on track to hit $70 billion. "Markets have been given another AI relief impulse, but the underlying structure remains fragile," Munnelly says. Nasdaq futures rise 0.8% after the index fell 1.25% Thursday.