DISH Network Corporation (NASDAQ:DISH) shares are trading higher on Thursday. The move marks a continuation in the stock’s uptrend over the past several weeks. Here’s what has been moving shares higher.
What To Know: After a sharp post-earnings drop in price in early November, shares attempted to recover over the remainder of the month. During the same time, the company announced that Hamid Akhavan, who also serves as CEO and president of EchoStar Corp (NASDAQ:SATS), joined Dish as president and CEO.
The stock began to pick up steam into December, a move which was driven by the FCC’s approval for the transfer of control of Dish and its subsidiaries to EchoStar, per the request made by the two companies. The merger represents a recombination of the two parties into one entity, as they once had existed.
On Wednesday evening, it was also announced that EchoStar will replace DISH Network Corp. in the S&P SmallCap 600 effective prior to the open of trading on Jan. 2, around which time the acquisiton is expected to be completed.
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DISH, SATS Price Action: Shares of DISH were up 7.64% at $5.70 while shares of EchoStar were up 7.29% at $16.18 at the time of publication, according to Benzinga Pro.
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