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EchoStar's stock falls in wake of 3Q earnings results
Associated Press - November 12, 2007 2:54 PM ET
ENGLEWOOD, Colo. (AP) - Shares of Englewood-based EchoStar Communications fell 14% today after the nation's Number 2 satellite TV provider said subscriber growth slowed -- partly due to a sluggish economy.
The results prompted a Citi Investment Research analyst to downgrade the stock from a "hold" to a "buy," and to lower his price target from $62 to $59.
Analyst Jason Bazinet said housing market and credit turmoil hurt EchoStar's customer base.
EchoStar owns the DISH Network satellite service.
Chief Executive Officer Charlie Ergen told analysts that the blame for the quarterly performance fell on his shoulders.
He says the company needs to do a better job with basic tasks like making sure installations are done right, and phone calls are answered promptly.
http://kjct8.com/Global/story.asp?S=7348276
Associated Press - November 12, 2007 2:54 PM ET
ENGLEWOOD, Colo. (AP) - Shares of Englewood-based EchoStar Communications fell 14% today after the nation's Number 2 satellite TV provider said subscriber growth slowed -- partly due to a sluggish economy.
The results prompted a Citi Investment Research analyst to downgrade the stock from a "hold" to a "buy," and to lower his price target from $62 to $59.
Analyst Jason Bazinet said housing market and credit turmoil hurt EchoStar's customer base.
EchoStar owns the DISH Network satellite service.
Chief Executive Officer Charlie Ergen told analysts that the blame for the quarterly performance fell on his shoulders.
He says the company needs to do a better job with basic tasks like making sure installations are done right, and phone calls are answered promptly.
http://kjct8.com/Global/story.asp?S=7348276
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