Dish share prices spike over 7% following FCC's hot spectrum auction

Dish Network (NASDAQ: DISH) shares were up more than 7 percent Wednesday following the close of the FCC's AWS-3 spectrum auction.

As predicted by analysts and the satellite carrier itself, the auction established a value for Dish's wireless licenses. And that value is certainly pleasing to Dish shareholders, with the highly successful auction heading in its late rounds towards total bids of $20 billion, nearly double the $10.07 billion reserve price.

As of 1 p.m. trading on the Nasdaq, Dish shares were up 7.8 percent to $73.13 a share.

"We continue to think the auction result is favorable spectrum valuation data points for Dish that should continue to drive the stock higher into the year-end," said Stephen Sweeney, media analyst for Elevation LLC, in a note sent to clients Wednesday.

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Related links:
UPDATED: AWS-3 auction nets $16.4B in bids so far, with Dish as wild card
AT&T, Verizon, T-Mobile, Dish and smaller carriers line up for AWS-3 auction
AWS-3 auction: DoD pledges to enable greater access to shared spectrum