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Why EchoStar Stock Plummeted by Over 16% Today

TheMotleyFool

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Why EchoStar Stock Plummeted by Over 16% Today: https://g.foolcdn.com/editorial/images/818085/person-using-a-smartphone-while-seated-at-a-desk-with-a-laptop.jpg

It's almost never encouraging for an investor to learn of a federal government investigation into one of their companies. That was the news driving down telecom services provider (NASDAQ: SATS) on Monday; the market shunned the stock, to the point where it closed the day more than 16% down in price. The S 500 (SNPINDEX: ^GSPC), meanwhile, had a banner day with a nearly 3.3% gain.

EchoStar is the company that operates both the Boost Mobile budget telecom brand, and the Dish Network satellite TV service.

Image source: Getty Images.

Source Fool.com