Verizon (VZ): Worst day since 2002 as SpaceX buys low-band spectrum
Verizon fell about 8.7% on Friday, its worst day since 2002, after SpaceX agreed to buy Grain Management's nationwide 800 MHz spectrum for Starlink Mobile. AT&T and T-Mobile fell harder. Analysts see limited near-term risk to incumbents.
Why it matters Investors are pricing in a possible price war if SpaceX becomes a fourth national carrier. Low-band spectrum travels far and penetrates buildings, which is what a new entrant lacks. Verizon says spectrum alone is not a network, and the deal still needs FCC approval.
What we verified CNBC reports Verizon closed down 8.75%, its worst day since July 2002. NBC News reports declines of 9.8% for AT&T and 13.3% for T-Mobile, and quotes JPMorgan and UBS on limited near-term risk. Deal terms were not disclosed, and some outlets cite different percentage moves.
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