Why EchoStar Is Skyrocketing Today
Shares of EchoStar (NASDAQ: SATS) jumped on Wednesday, closing the day up 15.5%. The jump comes as the S 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) both ticked up modestly.
The telecommunications company's stock continues to rise after yesterday's announcement that it has agreed to sell spectrum licenses to AT in a multibillion-dollar all-cash transaction.
The company, which originally started Dish Network, has an extensive satellite network and will now sell a significant portion of its spectrum to AT for roughly $23 billion. The deal will expand AT's network by about 50 MHz of low-band and mid-band spectrum and is expected to close by the middle of 2026, assuming everything gets the stamp of approval from regulators.
Source Fool.com
