SpaceX agreed to buy a big block of radio airwaves. Phone stocks fell hard in one day.
Up to 14 megahertz of paired spectrum in the 800 MHz band, from Grain Management.
Low-band signals travel far. They pass through walls and reach phones indoors.
T-Mobile dropped 13.27 percent. It was the worst day since 2013.
AT&T slid 9.81 percent. Verizon fell 8.75 percent. Both saw their worst days in years.
SpaceX shares edged up about 1.3 percent on the same day.
Deutsche Telekom fell 7.9 percent. Orange lost 2.5 percent. Telefonica slipped 4.6 percent.
Tower firms rose between 6.5 and 13.3 percent. SpaceX still needs towers and rooftops.
A new rival could mean more choice and lower prices one day. Nothing changes right now.
The FCC must approve the deal. The FCC chief called the new competition good news for consumers.
A national network needs towers, staff, and stores. Analysts say the threat is real but slow.
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