Why AT&T Stock Plunged on Friday
Shares of AT&T (NYSE:T) fell 8% on Friday after a new report stoked investors’ fears of a potentially disruptive encroachment by Space Exploration Technologies (NASDAQ:SPCX) into the lucrative U.S. wireless market.
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SpaceX is in talks to obtain access to at least 80,000 cell sites across the U.S., according to a report by Bloomberg. The telecommunications infrastructure would serve a crucial role in SpaceX CEO Elon Musk’s plan to create a formidable rival to AT&T, Verizon, and T-Mobile.
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