Crown Castle Inc. (NYSE:CCI) shares are trending on Friday.
Shares of the Texas-based shared communications infrastructure provider climbed 9.46% to $86.29 in after-hours trading on Thursday, following the report that Space Exploration Technologies Corp. (NASDAQ:SPCX) is in talks to lease cell tower sites.
SpaceX Seeks 80,000 US Cell Sites
According to a Thursday Bloomberg report, SpaceX aims to secure at least 80,000 U.S. cell sites. The report said Crown Castle is one of the companies in discussions with SpaceX. The deals could be worth billions.
On Wednesday’s earnings call, CEO Chris Hillabrant was asked about talks with SpaceX or Amazon.com Inc. (NASDAQ:AMZN). “You can assume that we’re talking to all parties,” he said, declining to share customer details.
Stocks Drop on Competition Fears
Following the report, AT&T Inc. (NYSE:T), Verizon Communications Inc. (NYSE:VZ) and T-Mobile US Inc. (NASDAQ:TMUS) each fell in the late trading session.
Mixed Q3 Results
Crown Castle reported mixed third-quarter results on Wednesday. Revenue for the quarter came in at $995 million, missing the analyst estimate of $1.01 billion by 1.64%.
Earnings per share was $1.24, which beat the expected $1.16 by 6.90%.
It also raised its full-year 2026 adjusted EBITDA outlook midpoint to $2.715 billion, up $25 million from its prior guidance.
Trading Metrics, Technical Analysis
Crown Castle has a market capitalization of $33.54 billion, a 52-week high of $100.50 and a 52-week low of $65.32.
The Relative Strength Index (RSI) of CCI stands at 59.67.
The large-cap stock has fallen 19.31% over the past 12 months.
Price Action: On Thursday, CCI closed at $78.83, up 0.23%, according to Benzinga Pro data.
See More:
Top Value Stocks
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Samuel Boivin / Shutterstock.com
Recent Comments