Exclusive | Nearly 90, Carl Icahn Continues His Efforts to Restore His Empire
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 05 2025
0mins
Source: WSJ
Carl Icahn's Thrill for Activism: The 89-year-old billionaire activist investor expresses that nothing compares to the excitement of being involved in corporate battles.
Current Defensive Stance: In recent years, Icahn has been focusing on defensive strategies across multiple fronts in his investment endeavors.
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Analyst Views on SATS
Wall Street analysts forecast SATS stock price to rise
5 Analyst Rating
3 Buy
2 Hold
0 Sell
Moderate Buy
Current: 114.330
Low
110.00
Averages
127.00
High
158.00
Current: 114.330
Low
110.00
Averages
127.00
High
158.00
About SATS
EchoStar Corporation is a holding company. The Company is a provider of technology, networking services, television entertainment and connectivity, offering consumer, enterprise, operator and government solutions worldwide under its EchoStar, Boost Mobile, Sling TV, DISH TV, Hughes, HughesNet, HughesON, and JUPITER brands. Its business segments include Pay-TV, Wireless and Broadband and Satellite Services. Its Pay-TV segment provides video services in the United States through its DISH and the SLING brands. Its Wireless segment provides wireless communication services and products. This segment offers wireless services for 5G VoNR and 5G broadband service to Americans, as well as a competitive portfolio of wireless devices. It offers nationwide wireless services to subscribers primarily under the Boost Mobile and Gen Mobile brands. Its Broadband and Satellite Services segment offers broadband satellite technologies and broadband Internet products and services to consumer customers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Northern Right Capital Fully Sells Norwegian Cruise Line Shares
- Share Sale Details: Northern Right Capital Management reported on February 17, 2026, that it sold its entire holding of 790,760 shares in Norwegian Cruise Line Holdings, with an estimated transaction value of $19.48 million, indicating a complete divestment from the company.
- Impact on AUM: This sale resulted in a $19.48 million decrease in the fund's quarter-end position value, reducing its reported assets under management (AUM) from 6.0% to 5.1%, reflecting a diminished confidence in Norwegian Cruise Line's prospects.
- Industry Context: Despite the cruise industry performing well with full ships, Northern Right's sale suggests a cautious outlook on Norwegian Cruise Line's future growth potential, particularly when compared to larger competitors like Carnival and Royal Caribbean.
- Competitive Landscape: Norwegian Cruise Line, which accumulated $14.6 billion in debt during the pandemic, continues to turn a profit despite high debt service costs, yet struggles to effectively compete against upscale rivals like Viking Cruises, which have redefined the industry with a focus on premium experiences.
See More
Northern Right Capital Fully Exits Norwegian Cruise Line Holdings Stake
- Stake Change: Northern Right Capital Management disclosed in an SEC filing on February 17, 2026, that it sold its entire holding of 790,760 shares in Norwegian Cruise Line Holdings, with an estimated transaction value of $19.48 million, indicating a complete exit from the investment.
- Asset Allocation Shift: This sale reduced Norwegian Cruise Line's stake from 6.0% to 0%, while Northern Right's other major holdings include NASDAQ:NWSA ($31.24 million, 8.2% of AUM) and NASDAQ:SATS ($28.07 million, 7.4% of AUM), reflecting a significant shift in its investment strategy.
- Market Performance Analysis: As of February 17, 2026, Norwegian Cruise Line's stock price stood at $24.10, down 8.64% over the past year, underperforming the S&P 500 by 17.80 percentage points, highlighting challenges faced by the company in a competitive cruise market.
- Industry Outlook Consideration: Despite the cruise industry performing well with full ships, Northern Right's exit may indicate a cautious stance on Norwegian's future growth potential, particularly given its substantial $14.6 billion debt load, even as the company remains profitable.
See More
2026 IPO Market Poised for Growth with AI Companies
- AI Financing Surge: 2026 is projected to be a blockbuster year for IPOs, with several AI companies planning to raise capital in public markets, reflecting a significant increase in capital spending plans from cloud giants, indicating strong market demand for AI technologies.
- SpaceX IPO Preparations: Following its merger with xAI, SpaceX has hired two law firms to assist with its upcoming IPO, signaling an aggressive approach to capital markets that could attract substantial investor interest.
- EchoStar as Proxy Investment: Investors can gain indirect exposure to SpaceX through EchoStar, which has not yet acquired SpaceX shares but has structured its transactions to make its stock a proxy for SpaceX, reflecting expectations of SpaceX's future value.
- Potential Risk Warnings: While EchoStar anticipates a massive influx of cash, it faces decommissioning costs that could reach $7 billion, and the uncertainty surrounding its core businesses may impact investor confidence, necessitating careful risk assessment.
See More
Analysis of Risks in EchoStar's Acquisition of SpaceX Shares
- Acquisition Background: EchoStar exchanged wireless spectrum for SpaceX shares last September, effectively becoming a 'proxy' for SpaceX in public markets, yet investors must be aware of potential risks, especially with a possible IPO boom in 2026.
- Financial Impact: EchoStar is set to gain approximately $12 billion in net cash upon closing its $22 billion deal with AT&T, but it will also incur decommissioning costs between $5 billion and $7 billion, which will affect future cash flow.
- Business Challenges: While the Boost Mobile business shows year-over-year growth, it experienced a quarter-over-quarter decline in subscribers in Q4, and the traditional DISH and Hughes businesses are in consistent decline, potentially putting pressure on EchoStar's overall value.
- Strategic Uncertainty: EchoStar formed EchoStar Capital to manage its cash influx but lacks a clear investment strategy, and management's decision to invest without reviewing SpaceX's financials raises concerns about future uncertainties.
See More
Dubai International Airport Resumes Flights After Drone Attack
- Flight Resumption: Dubai International Airport resumed a limited flight schedule on March 16 following a drone attack, although some flights were canceled, demonstrating the airport's recovery capability in response to emergencies.
- Incident Impact: The drone attack caused a fire at a fuel depot near the airport, significantly disrupting operations and affecting the travel plans of over 90 million passengers annually, highlighting vulnerabilities in airport security.
- Safety Concerns: This incident marks the fourth drone-related occurrence at Dubai International Airport, indicating a tense security situation in the region that could negatively impact future traveler confidence and airport operations.
- Regional Tensions: As the war in the Middle East escalates, many expatriates in Dubai are fleeing, which further heightens local tensions and may affect airport traffic and economic activities in the area.
See More
AT&T Crowned America's Favorite Wireless Service for 17th Year
- Market Dominance: According to CTIA, 98% of Americans own a cellphone, and 89% cannot live without their smartphones, indicating that wireless services have become essential in American life, further solidifying the market dominance of companies like AT&T, Verizon, and T-Mobile.
- Revenue Performance: U.S. wireless service operators generated over $352 billion in revenue last year, and despite market saturation, the highly competitive environment offers substantial profit margins for standout operators, with AT&T particularly excelling in this regard.
- Customer Loyalty: AT&T has been ranked as the top brand in Brand Keys' Customer Loyalty Engagement Index for 17 consecutive years, showcasing its brand strength and network coverage advantages, which enhance customer loyalty and market share.
- Infrastructure Investment: AT&T plans to invest $250 billion in U.S. telecom infrastructure by 2026, having already spent over $150 billion on network enhancements from 2020 to 2024, which not only improves network quality but also promotes the bundling of higher-margin services.
See More
Northern Right Capital Fully Sells Norwegian Cruise Line Shares
- Share Sale Details: Northern Right Capital Management reported on February 17, 2026, that it sold its entire holding of 790,760 shares in Norwegian Cruise Line Holdings, with an estimated transaction value of $19.48 million, indicating a complete divestment from the company.
- Impact on AUM: This sale resulted in a $19.48 million decrease in the fund's quarter-end position value, reducing its reported assets under management (AUM) from 6.0% to 5.1%, reflecting a diminished confidence in Norwegian Cruise Line's prospects.
- Industry Context: Despite the cruise industry performing well with full ships, Northern Right's sale suggests a cautious outlook on Norwegian Cruise Line's future growth potential, particularly when compared to larger competitors like Carnival and Royal Caribbean.
- Competitive Landscape: Norwegian Cruise Line, which accumulated $14.6 billion in debt during the pandemic, continues to turn a profit despite high debt service costs, yet struggles to effectively compete against upscale rivals like Viking Cruises, which have redefined the industry with a focus on premium experiences.
See More
Northern Right Capital Fully Exits Norwegian Cruise Line Holdings Stake
- Stake Change: Northern Right Capital Management disclosed in an SEC filing on February 17, 2026, that it sold its entire holding of 790,760 shares in Norwegian Cruise Line Holdings, with an estimated transaction value of $19.48 million, indicating a complete exit from the investment.
- Asset Allocation Shift: This sale reduced Norwegian Cruise Line's stake from 6.0% to 0%, while Northern Right's other major holdings include NASDAQ:NWSA ($31.24 million, 8.2% of AUM) and NASDAQ:SATS ($28.07 million, 7.4% of AUM), reflecting a significant shift in its investment strategy.
- Market Performance Analysis: As of February 17, 2026, Norwegian Cruise Line's stock price stood at $24.10, down 8.64% over the past year, underperforming the S&P 500 by 17.80 percentage points, highlighting challenges faced by the company in a competitive cruise market.
- Industry Outlook Consideration: Despite the cruise industry performing well with full ships, Northern Right's exit may indicate a cautious stance on Norwegian's future growth potential, particularly given its substantial $14.6 billion debt load, even as the company remains profitable.
See More
2026 IPO Market Poised for Growth with AI Companies
- AI Financing Surge: 2026 is projected to be a blockbuster year for IPOs, with several AI companies planning to raise capital in public markets, reflecting a significant increase in capital spending plans from cloud giants, indicating strong market demand for AI technologies.
- SpaceX IPO Preparations: Following its merger with xAI, SpaceX has hired two law firms to assist with its upcoming IPO, signaling an aggressive approach to capital markets that could attract substantial investor interest.
- EchoStar as Proxy Investment: Investors can gain indirect exposure to SpaceX through EchoStar, which has not yet acquired SpaceX shares but has structured its transactions to make its stock a proxy for SpaceX, reflecting expectations of SpaceX's future value.
- Potential Risk Warnings: While EchoStar anticipates a massive influx of cash, it faces decommissioning costs that could reach $7 billion, and the uncertainty surrounding its core businesses may impact investor confidence, necessitating careful risk assessment.
See More
Analysis of Risks in EchoStar's Acquisition of SpaceX Shares
- Acquisition Background: EchoStar exchanged wireless spectrum for SpaceX shares last September, effectively becoming a 'proxy' for SpaceX in public markets, yet investors must be aware of potential risks, especially with a possible IPO boom in 2026.
- Financial Impact: EchoStar is set to gain approximately $12 billion in net cash upon closing its $22 billion deal with AT&T, but it will also incur decommissioning costs between $5 billion and $7 billion, which will affect future cash flow.
- Business Challenges: While the Boost Mobile business shows year-over-year growth, it experienced a quarter-over-quarter decline in subscribers in Q4, and the traditional DISH and Hughes businesses are in consistent decline, potentially putting pressure on EchoStar's overall value.
- Strategic Uncertainty: EchoStar formed EchoStar Capital to manage its cash influx but lacks a clear investment strategy, and management's decision to invest without reviewing SpaceX's financials raises concerns about future uncertainties.
See More
Dubai International Airport Resumes Flights After Drone Attack
- Flight Resumption: Dubai International Airport resumed a limited flight schedule on March 16 following a drone attack, although some flights were canceled, demonstrating the airport's recovery capability in response to emergencies.
- Incident Impact: The drone attack caused a fire at a fuel depot near the airport, significantly disrupting operations and affecting the travel plans of over 90 million passengers annually, highlighting vulnerabilities in airport security.
- Safety Concerns: This incident marks the fourth drone-related occurrence at Dubai International Airport, indicating a tense security situation in the region that could negatively impact future traveler confidence and airport operations.
- Regional Tensions: As the war in the Middle East escalates, many expatriates in Dubai are fleeing, which further heightens local tensions and may affect airport traffic and economic activities in the area.
See More
AT&T Crowned America's Favorite Wireless Service for 17th Year
- Market Dominance: According to CTIA, 98% of Americans own a cellphone, and 89% cannot live without their smartphones, indicating that wireless services have become essential in American life, further solidifying the market dominance of companies like AT&T, Verizon, and T-Mobile.
- Revenue Performance: U.S. wireless service operators generated over $352 billion in revenue last year, and despite market saturation, the highly competitive environment offers substantial profit margins for standout operators, with AT&T particularly excelling in this regard.
- Customer Loyalty: AT&T has been ranked as the top brand in Brand Keys' Customer Loyalty Engagement Index for 17 consecutive years, showcasing its brand strength and network coverage advantages, which enhance customer loyalty and market share.
- Infrastructure Investment: AT&T plans to invest $250 billion in U.S. telecom infrastructure by 2026, having already spent over $150 billion on network enhancements from 2020 to 2024, which not only improves network quality but also promotes the bundling of higher-margin services.
See More
