Verizon posts worst day since 2002 as SpaceX U.S. network plans whack cell provider stocks

TechPublished Fri, Oct 9 202612:26 PM EDTUpdated 5 Min AgoKey PointsTelecom stocks sank on Friday after Elon Musk's SpaceX announced an agreement to purchase a nationwide spectrum portfolio.Verizon, T-Mobile and AT&T all sold off while SpaceX climbed slightly. FCC Chair Brendan Carr told CNBC that competition in the spectrum market was "really good news for the American consumers."Telecommunications stocks sold off on Friday after Elon Musk's SpaceX announced an agreement to purchase a nationwide spectrum portfolio, aiming to expand its Starlink internet into mobile service.Verizon closed down 8.75% on the news, its worst day since July 2002. Shares of T-Mobile dropped 13.27% while AT&T fell 9.81%, each notching their own worst days since 2013 and 2000, respectively.SpaceX stock climbed slightly, around 1% for the day. The deal includes acquiring the spectrum from Grain Management, which SpaceX described as a "license portfolio of up to 14 megahertz of paired spectrum in the 800 MHz band," in a Thursday statement. FCC Chair Brendan Carr, whose agency will oversee approval of the deal, said that competition in the spectrum market was "really good news for the American consum...