Good Evening! On Monday, U.S. stocks remained relatively stable at the end of the trading session. The Nasdaq Composite was up 0.30%, the S&P 500 followed behind by 0.18%, and lastly, the Dow Jones increased by 0.10%.
A ROUGH SIGNAL FOR DISH
Dish Network Corp. (DISH) had a significant decline today, reaching its lowest point in 25 years, with the release of Q3 earnings results that greatly disappointed Wall Street’s prediction and the unexpected departure of CEO Erik Carlson. So how bad were the earnings results?
- Revenue: $3.70 Billion vs. $3.80 Billion Expected
- Retail Wireless Subscribers: Down by 225,000 vs. Down by 46,000 Expected
- Earnings Per Share: ($0.26) vs. $0.06 Expected
Why is the CEO stepping down? The firm announced today that Chief Executive Officer Erik Carlson would leave on November 12 as a result of the merger with EchoStar. Hamid Akhavan, the current head of EchoStar, will assume the role of president and CEO of the merged business.
What else is happening at DISH? Dish is selling airwave rights in Puerto Rico and the US Virgin Islands for $265 million to Liberty Latin America Ltd. On top of that, Liberty Latin America will get around 120,000 prepaid mobile customers in both markets, which will raise cash and international roaming credits.
BUSY TIME FOR GOOGLE
Another week, another trial for the big tech firm. There will be a legal proceeding to try and resolve the allegations of anti-competitive behavior made by Epic Games in federal courts in California. On top of that, it will be a busy time for Google because it is in the midst of antitrust disputes across the U.S.
Trial 1: This trial comes after an extensive period of legal debates in which Google is engaged in legal battles against the Justice Department and a group of U.S. states. Google has been accused of engaging in unethical practices to establish and maintain its dominant position in the internet search industry.
Trial 2: A jury of ten people will decide whether the Epic complaint, which claims that Google has engaged in monopolistic practices within the mobile App Store industry, is true. This started in August 2020, when Google’s Play Store and Apple’s App Store removed “Fortnite” because Epic provided users with the opportunity to make in-game purchases directly at a reduced price of 20%.