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Why EchoStar Stock Soared Today

TheMotleyFool

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Shares of satellite communications company EchoStar (NASDAQ: SATS), owner of the Sling and Boost Mobile brands, soared by 18.2% through 10 a.m. ET Monday -- for reasons that have nothing to do with either Sling or Boost Mobile.

On Monday morning, EchoStar announced it will sell its AWS-4 and H-block satellite spectrum licenses to SpaceX for the latter's use with Starlink. The total sales price: $19 billion.

Image source: Getty Images.

Source Fool.com