Dish Network’s stock, traded on the Nasdaq under symbol DISH, tanked hard Monday, following their third quarter earnings report. At the close, the stock was down $7.68 (-15.83%) trading at 40.83.
In their quarterly filing, Echostar, led by CEO Charlie Ergen blamed their lackluster results on “relative attractiveness of promotions; adverse economic conditions, including, among other things, the deteriorating housing market and increased mortgage defaults due to subprime lending practices and weakness in the economy; and operational inefficiencies.”
Wow that is quite a mouthful. Enron and Worldcom think that sort of blame is over the top. My favorite excuse among that dissertation has to be playing the “subprime lending practices” card. You mean the same practices that allowed DirecTV to post a huge increase in subscribers against last years numbers? C’mon Charlie stop with the excuses. DirecTV is crushing you in HDTV and in sports programming, but you won’t see that admission from Dish.
