EchoStar Dips as SpaceX IPO Makes SATS a Hotter Risk Bet
EchoStar Corporation shares on Nasdaq tumbled 11.0% Friday to close at $114.08, after swinging between $106.56 and $131.22 on volume of about 50.2 million, the company’s investor-relations page showed. The selloff stood out as SpaceX grabbed attention with its first day on the market; Reuters said SpaceX jumped 19% to finish at $160.95, and the main indexes all ended positive. EchoStar has been a public-market proxy for SpaceX, but that trade isn't as clean now. SpaceX started trading, and with that, some investors dumped EchoStar because they could get SpaceX exposure directly. EchoStar shares dropped 11% on Friday along with other space and satellite stocks, as investors moved out of second-tier names after SpaceX debuted as its own stock, Reuters said.