ASTS Stock Drops 15% on SpaceX Threat: This ETF Holds Both Sides of the Satellite War
ASTS stock plunges 15% as SpaceX expands Starlink. Could gains in SpaceX shares offset ASTS-driven losses in the Procure Space ETF?
Stocks · News reference
AST SpaceMobile Inc. (NASDAQ: ASTS) stock trades lower on Friday after SpaceX discloses an 800 MHz spectrum acquisition deal, heightening competition in satellite direct-to-device connectivity.
Reference Details
Poisar stores the source's headline, summary and market tags for reference. Reporting and full article text remain with the original publisher.
Keep reading
ASTS stock plunges 15% as SpaceX expands Starlink. Could gains in SpaceX shares offset ASTS-driven losses in the Procure Space ETF?
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%.
S&P 500 tops 7,800 as Treasury yields hit 24-year highs. AT&T, Verizon and T-Mobile sank thanks to SpaceX. Bank earnings and CPI are next.
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.
SpaceX announced plans to acquire a low-band spectrum portfolio from Grain Management for $8 billion, completing its spectrum needs for mobile service. The low-band spectrum enables signals to travel through walls and solid structures, allowing Starlink to enhance its mobile service capabilities. While this threatens traditional telecom carriers, analysts expect SpaceX won't materially impact their operations until at least 2029.