Last October, Inside Wall Street reported that EchoStar Communications might sur-face as a suitor for Hughes Electronics' Di-recTV, the nation's largest satellite-television broadcaster, now owned by General Motors. Indeed, EchoStar, the No. 2 player in satellite-to-home services, came through on Aug. 5 with a stock-swap offer valued at about $30 billion. "The synergies that would come from this combination are the best you can get," says analyst Vijay Jayant of Morgan Stanley, who pegs EchoStar at 50. It currently trades at 28.
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