Dish Network shares fell more than 4% ($3.13) per share on Friday after the government revealed it had spent significantly more than most analysts had predicted in the recently completed AWS-3 spectrum auction.
Dish shares fell as low as $67.50 (down 8.1% or $5.98 each) in earlier trading Jan. 30. The stock regained some of that ground in the afternoon and finally closed $70.35 per share, down $3.13 each or 4.3%.
Dish spent about $13.3 billion on licenses ($10.4 billion when the 25% designated entity adjustment is taken into account), behind the $18.2 billion spent by AT&T but more than the $10.4 billion spent by Verizon. Analysts had expected the satellite giant to bid between $7 billion and $10 billion on licenses.