The EchoStar unit is preparing for chapter 11 as soon as Tuesday, as it faces regulatory scrutiny over its network build-out.
News
High-signal headlines only - macro events, earnings, M&A, regulatory. Listicles and analyst clickbait filtered out by default. Refreshed hourly.
Yahoo Finance Senior Reporter Brooke DiPalma joins Market Domination to tackle today's top trending tickers, including the momentum driving SpaceX (SPCX) shares in Friday's session after the company's IPO, the impact it is having on other space stocks Virgin Galactic (SPCE) and Rocket Lab (RKLB), and how semiconductor stocks such as Micron Technology (MU) and Nvidia (NVDA) are moving on the historic public offering.
EchoStar stock has been struggling lately and it could bode ill for the coming SpaceX initial public offering on Thursday. SpaceX is one the best proxies for SpaceX because the satellite company reached a deal last year to sell spectrum to SpaceX in return for about 2% of SpaceX stock—some 262 million shares. EchoStar stock has nearly doubled since the first of two spectrum deals was reached with SpaceX in September.
Satellite cable pioneer Charlie Ergen made a big bet on spectrum, and eventually found a buyer in SpaceX. And the stock portion of that deal could be huge.