- Dish Network (NASDAQ:DISH) is 7.1% lower premarket, continuing a downward path it began with news dripping out of the FCC's spectrum auction that it was one of the big buyers of wireless airwaves.
- Shares began slipping last Thursday with news that it spent $6.2B (second most among bidders) for more than 480 licenses; they're down 9.3% in regular-session action since.
- SunTrust has launched the stock at Hold today, even as the bank gave new Buys to T-Mobile (on the increasing value of wireless network assets) and to cable firms.
- Macquarie has cut Dish to Neutral from Outperform, saying the spectrum purchase now actually makes the satellite firm "harder to swallow" as an M&A target. The premium on the company's hoard is lower now, with supply and demand looking balanced in the near term, writes Amy Yong.
- She's cut her price target to $61 from $70; shares closed at $58.04 yesterday.
- Updated 10:02 a.m.: Buyers have shown up; Dish Network is now up 2.2% on the day.