Direct-broadcast satellite stock prices dropped dramatically Thursday.
In heavy trading, shares of DirecTV Inc. parent Hughes Electronics Corp.
(GMH) were down 11.49 percent at close of trading Thursday, hitting a 52-week
low of $10.55 per share.
EchoStar Communications Corp. (DISH) shares, also trading heavily, were down
9.14 percent, closing at $19.58 per share and approaching their 52-week low of
DirecTV Inc. reseller Pegasus Communications Corp. traded below $1 Thursday,
down 6.32 percent to 89 cents each.
EchoStar and Hughes are awaiting word on whether the Federal Communications
Commission and the Department of Justice will approve their proposed merger. The
companies don't expect an answer until the fall.