TechCNBC1h ago
Verizon closed down 8.75%, its worst day since 2002
Verizon closed down 8.75%, its worst day since 2002, while T-Mobile fell 13.27% and AT&T 9.81% after SpaceX announced a nationwide spectrum deal on Thursday
TL;DRTelecom stocks crashed after SpaceX bought nationwide spectrum, threatening incumbents' market dominance.
Why it matters: SpaceX could disrupt cellular networks; investors fear new competition eroding telecom profits and valuations.
Telecommunications stocks sold off on Friday after Elon Musk's SpaceX announced an agreement to purchase a nationwide spectrum portfolio …
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