Why DISH Networks Plunged Today
Shares of Dish Networks (NASDAQ: DISH) were plunging today, down 11.1% on Tuesday.
Dish's main businesses are in not-so-desirable niches, including the DISH satellite TV "bundle," the "skinny" Sling TV streaming service, as well as the retail pre-paid Boost Mobile wireless business purchased back in July 2020. The company also owns a lot of 5G wireless spectrum, having purchased around $30 billion in wireless spectrum assets over the years, with the intention of using that spectrum for wireless broadband; however, highly indebted Dish has to thread a needle by continuing to build that out as its legacy businesses shrink.
Unfortunately, in its first-quarter results reported Monday night, those legacy businesses may be shrinking faster than anticipated.
Source Fool.com
