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Telecom stocks plunge following SpaceX frequency acquisition announcement

TIKR ·

VZ Verizon Communications Inc
$41.65 -10.14%
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  1. 1SpaceX announced an agreement to acquire a nationwide spectrum portfolio from Grain Management.
  2. 2Verizon shares fell 8.75% and T-Mobile shares fell 13.27%.
  3. 3AT&T shares fell 9.81%, leading to a sharp decline in telecom stocks.

So what's the key point?

SpaceX decided to purchase new frequencies needed for communications. Following this news, the stock prices of telecom companies like Verizon dropped significantly.

Source TIKR · View original ↗

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