Dish Network (DISH) reporting earnings before the bell on Monday morning. Early trading had the stock trading down nearly 20%. Let’s take a look at the charts and the earnings to see what happened. Both earnings and revenue surprised to the downside. Earnings came in with a surprise loss of 26 cents per share, versus expectations of a profit of 11 cents per share. Revenue came in at $3.7 billion, versus expectations of $3.82 billion.
Looking at charts below we can see the scope of the damage. The first chart shows DISH since mid-2021. After Covid, DISH topped before the broader market, and has steadily been in decline ever since. The stock is down roughly 90% since mid-2021. Today’s large drop sent the stock to new lows.
The second chart shows the long term view of DISH, going back to the late 90’s. I found the dashed line to be an important level of support/resistance. As price broke under that level during this spring’s selloff, DISH lost the lows of 2008. DISH than back-tested that level from underneath as resistance, then continued lower. Is this the bottom, or is there more bearishness to come for DISH? One to watch.
