EchoStar (SATS) Skyrockets By 50% as Trump Orders Firm, FCC to Resolve Dispute

EchoStar Corporation (NASDAQ:SATS) is one of the 10 Stocks Post Jaw-Dropping Gains.

EchoStar Corporation jumped by 50 percent on Monday to close at $25.11 apiece as investor sentiment was buoyed by reports that President Donald Trump stepped in to its ongoing battle with the Federal Communications Commission (FCC), spurring optimism about business continuations.

According to a report by Reuters, Trump urged FCC Chairman Brendan Carr and EchoStar Corporation (NASDAQ:SATS) Chairman Charlie Ergen to reach a deal over the fate of the latter’s wireless spectrum licenses.

This followed a letter from the FCC last month notifying the company that it initiated an investigation to look into the company’s compliance obligations to provide 5G services in the US.

Following the probe, EchoStar Corporation (NASDAQ:SATS) announced that it intentionally did not pay worth $326 million of interest payments for one of its senior notes, saying that its ongoing battle with the FCC froze its ability to make decisions.

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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.