Dish Network stock rocked by 'astonishingly bad' quarter, CEO departure

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Dish Network stock rocked by 'astonishingly bad' quarter, CEO departure
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Frances Padilla with the Small Business Administration discusses the role that Hispanic-owned business play in Colorado's economy and how the SBA is helping.

FILE - Dish Network satellite dishes are shown at an apartment complex in Palo Alto, Calif., Feb. 23, 2011. LITTLETON, Colo. — Dish Network Corp. on Monday revealed its CEO will be resigning Nov. 12 — before the company’s merger into sister company EchoStar— and it issued quarter results that missed profit and revenue expectations so significantly the company lost 37% of its stock market value.

Dish Network’s results shocked investors so much it dragged down EchoStar Corp.’s stock price by 31% Monday.Dish Network revealed in a U.S. Securities and Exchange Commission filing that President and CEO Erik Carlson submitted his resignation notice Friday, saying he’d leave the company on Nov. 12 instead of remaining in the position until after its merger with EchoStar closed.

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