Why EchoStar Plunged Again Today
Shares of telecom and satellite TV provider EchoStar (NASDAQ: SATS) plunged another 11.3% on Tuesday. The decline followed a 12.1% decline last Friday, followed by another single-digit decline yesterday. Last week's decline came after the company announced it would not be making another interest payment on its debt, which is secured by a telecommunications spectrum that is currently a point of controversy. Then today, the company announced it would also not make a second interest payment that was due -- but this time, part of the debt in question was unsecured, raising even more questions.No investor likes to hear about missed interest payments, which is likely why the stock fell yet again.Continue reading
Shares of telecom and satellite TV provider EchoStar (NASDAQ: SATS) plunged another 11.3% on Tuesday. The decline followed a 12.1% decline last Friday, followed by another single-digit decline yesterday.
Last week's decline came after the company announced it would not be making another interest payment on its debt, which is secured by a telecommunications spectrum that is currently a point of controversy. Then today, the company announced it would also not make a second interest payment that was due -- but this time, part of the debt in question was unsecured, raising even more questions.
No investor likes to hear about missed interest payments, which is likely why the stock fell yet again.
