SpaceX announces $8 billion spectrum acquisition
On Oct. 8, SpaceX agreed to acquire a nationwide low-band spectrum portfolio from Grain Management for $8 billion. On Oct. 9, AT&T, Verizon and T-Mobile had lost a combined $36 billion in market value; the licenses can improve coverage in places such as inside buildings.
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.
12 Communication Services Stocks Moving In Thursday's After-Market Session
Gainers MediaCo Holding (NASDAQ:MDIA) stock moved upwards by 9.6% to $1.14 during Thursday's after-market session. The market value of their outstanding shares is at $87.3 million. Yimutian (NASDAQ:YMT) shares
QUICK SPARK: AT&T Sinks 11% In Worst Day Since 2000 As SpaceX Spectrum Deal Rattles Carriers
AT&T stock falls 11%, on track for its largest one-day loss since December 2000, after SpaceX agrees to buy nationwide low-band spectrum.
Scotiabank lowers Verizon price target
On Oct. 9, Scotiabank analyst Maher Yaghi maintained a Buy rating and lowered his Verizon price target from $52 to $50. The page reported consensus from 26 analysts of Buy, with an average target of $51.12.
Verizon elects Charles Phillips to its board
Verizon announced on Oct. 8 that it elected Charles Phillips, co-founder and managing partner of Recognize Partners LP, to its Board of Directors.
Bloomberg reports after-hours telecom selloff following SpaceX spectrum announcement
On Oct. 8, SpaceX said its low-band spectrum would help Starlink pursue US mobile-carrier service. In postmarket trading, Verizon and T-Mobile each fell 6.6% and AT&T fell 7.3% as investors reacted to the potential new competitor.