Angelica Ballesteros
1 min read
In This Article:
EchoStar Corporation (NASDAQ:SATS) is one of the Double-Digit Winners: 10 Stocks Crushing The Market.
EchoStar Corp. rallied by 49 percent week-on-week to finish at $25.12 on Friday versus $16.84 on June 13 as investors cheered President Donald Trump’s intervention in its ongoing battle with the Federal Communications Commission (FCC).
Earlier last week, Trump told EchoStar Corporation (NASDAQ:SATS) and the FCC to reach a deal over the fate of the former’s wireless spectrum licenses, following the FCC’s notification to the company last month that it initiated an investigation to look into its compliance obligations to provide 5G services in the US.
Amid the ongoing probe, EchoStar Corporation (NASDAQ:SATS) announced that it intentionally did not settle $326 million of interest payments for one of its senior notes, saying that its battle with the FCC froze its ability to make decisions.
A telecom engineer behind the control board in a comms facility.
Trump’s intervention sparked hopes among investors about EchoStar Corporation’s (NASDAQ:SATS) business continuation, tapering off fears of a potential bankruptcy.
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READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
