Stock Market Today, Oct. 9: Verizon Slides on SpaceX Spectrum Deal and Scotiabank Target Cut
Verizon Communications (NYSE:VZ), a wireless and broadband carrier, closed at $41.65, down 10.14%. Friday’s slide followed a spectrum deal by Space Exploration Technologies Corporation (NASDAQ:SPCX), better known as SpaceX, and a Scotiabank target cut. Investors are watching the October 26 earnings call for guidance and subscriber trends.
Trading volume reached 88.6 million shares, coming in about 286% above its three-month average of 22.9 million shares.
The S&P 500 (SNPINDEX:^GSPC) closed at 7,811, up 0.59%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) closed at 27,366, up 0.64%. Among integrated telecommunications services peers, AT&T (NYSE:T) closed at $22.17, down 10.86%, and T-Mobile US (NASDAQ:TMUS) closed at $148.58, down 13.27%, as the SpaceX spectrum news pressured the group.
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