AT&T Stock News

SpaceX still has a ways to go before it can seriously challenge the three major wireless operators, but it's making moves to grow its capabilities.

SpaceX Corp (NASDAQ:SPCX)'s Starlink's new mobile push has put pressure on mobile operators like AT&T Inc (NYSE:T, XETRA:SOBA), T-Mobile US Inc (NASDAQ:TMUS, XETRA:TM5) and Verizon Communications Inc (NYSE:VZ, XETRA:BAC). The US aerospace company is moving closer to challenging America's biggest wireless carriers after agreeing to acquire nationwide mobile spectrum for Starlink Mobile.

AT&T stock plunged by over 7% in the premarket session as investors dumped most telecommunications companies after SpaceX announced an agreement to purchase spectrum in the United States. It tumbled to $23, down by 13.3% from its highest point in September this year.

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AT&T, Verizon, and T-Mobile are having a nightmarish end to the week, but it could be a chance to buy their beaten-down shares.

SpaceX plans to purchase Grain Management's 800 MHz spectrum portfolio in a move to bolster its mobile ambitions. The news is lifting cell-tower stocks.

Elon Musk's SpaceX will buy more wireless spectrum as its Starlink mobile service expands. Verizon, AT&T and T-Mobile shares tumbled late.

SpaceX deal to acquire spectrum license hammers shares of AT&T, Verizon and T-Mobile