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Why EchoStar Stock Zoomed 3% Higher Today

TheMotleyFool

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Why EchoStar Stock Zoomed 3% Higher Today: https://g.foolcdn.com/editorial/images/863755/a-rocket-in-the-process-of-launching.jpg

Although (NASDAQ: SATS) wasn't exactly a stock market star on Wednesday, it did quite well on the market. Investors bid it up by 3% that day, thanks to news from a company the satellite specialist has had plenty of dealings with over the years.

That company has significant star power all on its own. It's the Elon Musk-led SpaceX, which has been closely scrutinized lately as it's expected to launch an initial public offering (IPO) very soon.

Image source: Getty Images.

Source Fool.com