We recently published 10 Stocks With Double-Digit to 100% Upside in Just a Week. EchoStar Corp. (NASDAQ:SATS) is one of the worst performers on Friday.
EchoStar Corp. soared by 108.61 percent in just the past five trading days of the week to hit a new all-time high, as investor sentiment was fueled by its $23-billion license sale to AT&T, which helped resolve one of its biggest regulatory challenges that once feared would put the company into bankruptcy.
In Friday’s session, EchoStar Corp. (NASDAQ:SATS) soared to its highest 52-week high of $61.87 before slightly dipping to end at $61.79.
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This followed ongoing optimism over announcements earlier this week that it entered into a definitive agreement with AT&T for the sale of its 3.45 GHz and 600 MHz spectrum licenses—a total of 50 MHz of nationwide spectrum—for $23 billion, as part of its steps to settle a dispute with the Federal Communications Commission (FCC).
It can be learned that EchoStar Corp. (NASDAQ:SATS) in May this year said that it was being investigated by the FCC over its compliance obligations to provide 5G service in the US, questioning the former’s buildout extension and mobile satellite service.
The probe pushed EchoStar Corp. (NASDAQ:SATS) to withhold interest payments to its creditors over potential risks that could arise from any outcomes.
The battle even prompted intervention from President Donald Trump, who urged the two parties to reach an amicable deal.
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Disclosure: None. This article is originally published at Insider Monkey.
