Shares of major U.S. wireless carriers - Verizon Communications Inc.
Rising Treasury yields are adding further pressure on dividend-paying stocks.
SpaceX Spectrum Deal Raises Competition Concerns
On Thursday, SpaceX disclosed the acquisition of the nationwide 800 MHz spectrum portfolio from Grain Management for an undisclosed amount.
Elon Musk described the deal as an "earthquake," while SpaceX's COO has said the company plans to target existing wireless carrier customers, raising concerns about increased competition for the major operators.
The announcement follows the FCC's earlier approval of SpaceX's direct-to-device satellite constellation and the satellite joint venture announced by Verizon, AT&T and T-Mobile on Oct. 2.
Wireless Carriers Join Forces To Expand Satellite Coverage
Last week, AT&T, T-Mobile and Verizon announced a shared venture to bring connectivity to parts of the U.S. where conventional mobile service remains limited
The initiative builds on a plan announced in May, when the three wireless providers agreed to combine certain spectrum assets to help eliminate cellular dead zones and extend satellite-based service to customers nationwide.
Paul Roth, a telecommunications executive who previously held senior roles at AT&T, Cingular Wireless and Ameritech, has been appointed interim CEO of the venture.
The venture aims to expand satellite connectivity in underserved areas, complementing existing mobile networks to improve coverage and reliability. It also seeks to encourage competition and innovation while preserving the carriers' existing satellite partnerships.
Price Action: T-Mobile US shares were down 7.59% at $158.30, At&t shares were down 6.31% at $23.04, and Verizon Communications shares were down 5.53% at $43.12 during premarket trading on Friday, according to Benzinga Pro data.
