🔴 Verizon Communications is trading 5% down in pre-market after SpaceX agreed to acquire 800 MHz spectrum

Verizon Communications is trading at $43.24, down 5.26% in pre-market on October 9, amid reports that SpaceX’s spectrum deal intensified competition concerns for traditional wireless carriers.

• The deal for Grain Management’s nationwide 800 MHz spectrum portfolio remains subject to FCC approval.
• Reuters and CNBC reported the announcement hit Verizon and other major wireless operators in after-hours trading. October 9 is Verizon’s ex-dividend date; available reporting does not identify it as the cause.