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US Stocks: US Market Rises as Oil Retreats; SpaceX Spectrum Deal Hammers Telecoms
Oil prices eased as SpaceX’s spectrum purchase sent T-Mobile, AT&T and Verizon shares lower, with analysts warning of tougher competition for carriers.
- Wall Street's main indexes opened higher on Fri, Oct 9, as oil prices retreated on easing Middle East supply concerns, though telecom shares remained under pressure following SpaceX's spectrum acquisition.
- Musk described the Oct 8 deal to acquire 800 MHz of low-band spectrum as a "very big deal," addressing technical gaps for Starlink Mobile to become a major U.S. carrier.
- T-Mobile and Verizon shares fell 10% and 7% respectively, while European firms Deutsche Telekom and Telef declined 8% and 4% on the news of SpaceX's market entry plans.
- Morgan Stanley analyst Sean Diffley wrote that the transaction demonstrates SpaceX is "serious about entering the Mobile market," with low-band spectrum helping fill network dead zones.
- Gene Munster of Deepwater Asset Management expects SpaceX's telecom aspirations to eventually compete with Apple and Samsung, as the company builds "the world's most advanced mobile network.
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Reformatorisch DagbladReposted by 
welingelichtekringen.nl
welingelichtekringen.nlThe New York stock exchanges closed with gains on Friday. SpaceX attracted investor attention. Elon Musk's tech and aerospace company has signed an agreement to acquire nationwide licenses for low-band spectrum. Additionally, investors were awaiting the quarterly earnings of the major US banks, which will be released next week.
·Apeldoorn, Netherlands (Kingdom of the)
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AT&T, T-Mobile and Verizon shares tumble up to 11% as Musk’s SpaceX makes Starlink mobile push
US telecom stocks fell about 11% after SpaceX acquired low-band spectrum from Grain Management, a move that could help Starlink expand into mobile service and compete with traditional carriers.
·New Delhi, India
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Coverage Details
Total News Sources35
Leaning Left3Leaning Right7Center5Last UpdatedBias Distribution47% Right
Bias Distribution
- 47% of the sources lean Right
47% Right
L 20%
C 33%
R 47%
Factuality
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