U.S. financial markets slumped to start the trading week as worries over Chinese tech company Huawei clouded investor concern that a combined Sprint and T-Mobile, which FCC Chairman Ajit Pai and Commissioner Brendan Carr voiced approval of, would put a dent in DISH Network‘s profits.
DISH was off 5.9% at Closing Bell on Monday, finishing at $33.24 on heavy volume of 8.56 million shares; average volume for DISH is 2.22 million shares.
Why is a combined Sprint and T-Mobile bad for DISH? Analyst Jeffrey Wlodarczak of Pivotal Research Group says this “significantly pushes back the timing” for a sale of DISH spectrum obtained in the FCC’s incentive auction.
How did media stocks fare on Monday? View the Wall Street Report on the homepage of RBR.com to see dips from Entercom, Saga Communications and Townsquare Media.