Stock Market Today, Oct. 23: AT&T Slides on SpaceX Cell-Site Talks
AT&T (NYSE:T), a wireless and fiber telecom services provider, closed at $20.93, down 7.96%. Bloomberg’s report on SpaceX’s cell-site talks pressured the stock, and investors are now watching wireless competition and capital strategy.
Trading volume reached 84.6M shares, coming in about 88% above its three-month average of 45.1M shares.
S&P 500 (SNPINDEX:^GSPC) fell 0.53% to 7,623, and the Nasdaq Composite (NASDAQINDEX:^IXIC) slipped 0.21% to 25,955. In U.S. wireless telecommunications services and fiber broadband, Verizon Communications closed at $44.66, down 1.19%, while T-Mobile US fell 7.71% to $146.54 as concerns about carrier competition remained in focus.
AT&T stock plunged after Bloomberg reported that Space Exploration Technologies is in negotiations to obtain access to around 80,000 cell sites, presumably to build America’s fourth nationwide wireless network.
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