What happened

Shares of Dish Network (DISH) are up 17.1% as of 2:02 p.m. ET Friday in response to reports that Amazon (AMZN 2.21%) is considering a partnership with the company that could offer low-cost or no-cost wireless service to Amazon Prime subscribers.

So what

If the headline rings a bell, there's a reason. The same possibility was floated by The Wall Street Journal a little over a week ago. Today's reiteration comes from Bloomberg.

The story's underpinnings, however, haven't changed.

Perpetually looking for ways to attract and retain Prime subscribers (who tend to spend more at Amazon.com than non-Prime members), Amazon offers a suite of digital offerings like on-demand video, audiobooks, discounted restaurant delivery, and free shipping on most items ordered online. Adding wireless service to the mix would bolster this draw. However, it would require assistance from a wireless telecom outfit.

All of the nation's major mobile phone names have been mentioned as possible partners, including T-Mobile and Verizon. AT&T was once considered a potential partner as well. However, it isn't being regarded as a strong prospect. Any of the discussions with these other wireless companies could still pan out if Amazon is truly as interested in the idea as The Wall Street Journal and now Bloomberg suggest.

But Dish, which currently serves nearly 8 million wireless customers, is considered the prospective provider with the most to gain from such a partnership.

Now what

There's a not-so-slight problem with the reports that Amazon is mulling the addition of wireless service to Prime's menu. That is, both The Wall Street Journal and Bloomberg only cited "people familiar with the situation" without even describing how these unnamed people might have access to such information. Meanwhile, an Amazon spokesperson denied these plans were on the table, and Dish declined to comment on the matter. That's hardly the ironclad certainty that makes for a good (even if speculative) trade.

Even more than that though, it's not clear to what extent -- or even if -- the addition of wireless service from Dish to Prime's suite of options would actually boost Dish Network's bottom line. If it's going to be free or even just low-cost as suggested, Amazon isn't seemingly likely to subsidize the service much beyond its cost...if it subsidizes it at all.

In the meantime, Dish Network's biggest business remains its struggling, shrinking satellite cable TV operation.

Connect the dots. This still isn't a stock that's worth the risk for most investors despite today's impressive surge.