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Article: ERGEN STUNS WALL STREET WITH STOCK-SWAP PROPOSAL ECHOSTAR CHIEF EYES ACQUISITION OF HUGHES ELECTRONICS, DIRECTV.(Business)
- Article from:
- Rocky Mountain News (Denver, CO)
- Article date:
- August 7, 2001
- Author:
CopyrightCOPYRIGHT 2001 Rocky Mountain News. All rights reserved. Reproduced with the permission of Dialog LLC by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Steve Caulk News Staff Writer
STOCK WATCH
EchoStar Communications, (DISH: Nasdaq) $28.79, down $1.65.
Hughes Electronics, (GMH: NYSE) $20.04, up 68 cents.
Charlie Ergen commanded Wall Street's full attention Monday as the EchoStar Communications Corp. chairman from Littleton outlined his plans for the acquisition of Hughes Electronics Corp. and its DirecTV satellite operations.
Calling his $30 billion stock swap the next logical step in the satellite TV industry, Ergen presented his argument at a hastily called meeting of analysts in New York, then pitched it to the national media in a conference call.
``I ...