Shares of telecommunications companies are trading lower after SpaceX President Gwynne Shotwell said on a conference call that it anticipates acquiring "quite a few" customers from AT&T, T-Mobile and Verizon.

American Tower (AMT) Surges 9.3%: Is This an Indication of Further Gains?

American Tower (AMT) shares jumped 9.3% to $182.24 on strong volume, driven by optimism around SpaceX's spectrum acquisition deal which could boost demand for terrestrial infrastructure and tower leasing opportunities. The company is expected to report quarterly FFO per share of $2.84 (+2.2% YoY) and revenues of $2.77 billion (+2.1% YoY). However, FFO estimate revisions have remained flat over the past 30 days, which historically correlates with limited near-term upside potential.

Elon Musk's SpaceX Could Shake Up US Wireless Market — And Wall Street Sees a Surprise Winner

SpaceX's $8B spectrum deal boosts Starlink direct-to-cell, positions it as a major carrier player, and creates big upside for U.S. towers.

Stock Market Today: Nasdaq 100 Rebounds From OpenAI Scare, T-Mobile Tumbles 12%

The Nasdaq 100 recovers from Thursday's OpenAI-driven selloff while T-Mobile sinks 12% on SpaceX's spectrum deal and the 10-year yield holds near 5.26%.

SpaceX Just Spooked Verizon. The Sneaky Winners May Be America's Cell-Tower Owners

SpaceX's wireless expansion pressures Verizon but could benefit American Tower, Crown Castle and SBA Communications.

Shares of mobile and broadband communications companies are trading lower after SpaceX announced that it would purchase Grain Management's 800 MHz spectrum, which will put the satellite communications developer in competition with legacy terrestrial carriers, leading to lower sales and margins.

Shares of U.S.-traded companies with Brazil exposure are trading higher after the first round of Presidential election balloting showed right-wing candidate Flavio Bolsonaro with a lead over Lula, the current left-wing President. The results may indicate a possible pro-business final election outcome ahead of the October 25 run-off vote, wherein the winning candidate must achieve a majority above 50%.