EchoStar Corporation provides pay-tv services in the United States, Mexico, Canada, South and Central America, Asia, Africa, Australia, Europe, India, and the M...
EchoStar rallied sharply in regular trading, last at $94.685 as of 11:04 ET, gaining about 4.8%, driven by the prepackaged bankruptcy filing of its Dish DBS and wireless units backed by over 88% of noteholders, which the market views as a catalyst to accelerate debt repayment and shed underperforming assets, while new coverage from Deutsche Bank and Citi with buy ratings further boosted sentiment. The stock staged a classic recovery from the pre-market low of $90.100 to a session high of $95.100, yielding an intraday range of roughly $5.5, despite the abrupt resignation of CEO Hamid Akhavan and management reshuffle that had added uncertainty. However, the current price of $94.685 still trails its 20-day MA of $96.739 and is down 5.18% year-to-date, about 9.6% below the 52-week high of $104.74, highlighting that the restructuring's long-term earnings impact remains to be proven.
EchoStar plunged 5.1% during regular trading to $91.64 by 13:23 ET, underperforming the Nasdaq. The selloff was driven by market digestion of its Dish DBS and Dish Wireless prepackaged bankruptcy filings (Q1 net loss of $147 million, still narrowed 27.5% YoY), compounded by CEO Hamid Akhavan's immediate resignation and a chief legal officer change. After a pre-market high of $97.5, shares opened below $95 and hit an intraday low of $91.64, near the 52-week low of $91.62, 12.4% below the 52-week high of $104.74, and well below the 20-day moving average of $97.58. However, Deutsche Bank and Citi recently initiated coverage with buy ratings, citing up to 40% upside.
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Week 6 – My Portfolio Health Check
1. Added more $SingTel(Z74.SG)as a bottom fishing strategy. Hope it pays off.
2. Miss adding more $SATS(S58.SG), but happy with the gain even it's a small amount.
3. Waiting for $Olam(VC2.SG)to fly higher before taking profits.
Happy investing!!!
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