Why EchoStar Stock Crushed it on Friday
EchoStar (NASDAQ:ECHO) was quite the star company in the eyes of many investors on Friday. A key subsidiary has emerged from bankruptcy, and at a stroke, significantly cleaned its parent’s balance sheet. Mr. Market rewarded this progress by enthusiastically buying EchoStar shares; they closed that trading session almost 7% higher.
EchoStar disclosed in a regulatory filing that its Dish DBS subsidiary, anchored by the Dish TV satellite offering and Sling TV streaming service, exited Chapter 11 bankruptcy.
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