DISH Lower on AT&T News; Why Isn't DTV Higher?

As you might expect, Dish Network (DISH) shares are lower today following the company’s disclosure last night that AT&T (T) has notified the company that it will terminate their distribution agreement at year end. The odd thing is that DirecTV (DTV) shares have barely budged on the news, despite the fact that they would be the obvious beneficiary if AT&T decided to change satellite television partners.

But the Street instead is apparently interpreting the news as a negotiating ploy, rather than a clear signal of plans to switch its relationship from DISH to DTV. Jamie Townsend, an analyst with investment research firm JRPG, asserted in a note this morning that it is more likely that the company stays with DISH but on improved terms.

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