T-Mobile US Inc. (NASDAQ:TMUS) is not used to double-digit moves. Now the stock is having its worst day in 13 years.
Shares fell 13% to $149 at midday Friday. That puts the stock on track for its steepest one-day drop since it began trading under the T-Mobile name in May 2013.
The selling followed a deal by Space Exploration Technologies Corp. (NASDAQ:SPCX). SpaceX agreed Thursday to buy nationwide 800 megahertz spectrum licenses from Grain Management.
These low-band airwaves travel long distances and pass through walls. SpaceX plans to pair them with its Starlink satellites. As a result, wireless carriers could face a new competitor.
The deal still needs Federal Communications Commission approval.
Peers AT&T Inc. (NYSE:T) and Verizon Inc. (NYSE:VZ) fell 11% and 10%, respectively.
Image: Envato Elements
Recent Comments