Stock Market Today, June 12: EchoStar Falls as SpaceX-Linked Rally Meets DISH DBS Payment Risk
EchoStar’s SpaceX-linked upside remains a draw, but investors are now focused on whether AT&T spectrum proceeds arrive in time to ease the DISH DBS payment pressure.
Stock Market Today, June 12: EchoStar Falls as SpaceX-Linked Rally Meets DISH DBS Payment Risk
Overview
EchoStar (NASDAQ:SATS), a global provider of pay-TV services, broadband satellite technologies, and wireless communication services, closed Friday at $114.16, down 10.90%. The stock declined as profit-taking followed recent “SpaceX proxy” gains and renewed credit-risk concerns surfaced after a missed interest payment by its DISH DBS unit. Investors will be watching liquidity developments and spectrum-monetization progress next.
The company’s trading volume reached 50 million shares, which is about 542% above compared with its three-month average of 7.8 million shares.
EchoStar went public in 2008 and has grown 250% since its IPO.
Details
S&P 500 (SNPINDEX:^GSPC) added 0.50% to finish Friday at 7,431.46, while the Nasdaq Composite (NASDAQINDEX:^IXIC) rose 0.31% to close at 25,888.84. Among telecom services, industry peers Iridium Communications (NASDAQ:IRDM) closed at $47.32 (-5.19%) and Motorola Solutions (NYSE:MSI) finished at $412.25 (+0.46%), reflecting mixed sentiment across communications names.
Source
Originally published at www.fool.com.
