EchoStar Stock Jumps On Spectrum Sale To Elon Musk's SpaceX

EchoStar (SATS) stock surged on Monday after the Charlie Ergen-controlled company announced a spectrum sale to Elon Musk's SpaceX for approximately $17 billion, including $8.5 billion in cash. SpaceX's Starlink satellite network, which provides broadband services, plans to use the spectrum. On the stock market today, EchoStar stock jumped 23% to 82.42 in early trading. As of Friday's market close, EchoStar stock had climbed 195% this year. EchoStar popped in late August on a spectrum sale to AT&T (T). Under the SpaceX deal, SpaceX also will fund an aggregate of...