Verizon shares fall as SpaceX spectrum deal heightens competition concerns

On Oct. 9, Verizon fell about 10% in afternoon trading, to its lowest in over two months, after SpaceX agreed to buy Grain Management’s nationwide 800 MHz spectrum portfolio for about $8 billion, subject to regulatory approval. T-Mobile fell 13.2%; Deutsche Telekom 7.9%. Evercore ISI analyst Kutgun Maral said carriers’ defenses against low-band spectrum claims were weakening.