StocksMediumUpdated•Originally published 9 October 2026•Updated 9 October 2026•
1 min read
AT&T and Verizon Shares Plunge 10% as SpaceX Expands Spectrum Reach
Key Facts
1AT&T shares dropped 9.81% to close at $22.17 amid concerns over a SpaceX spectrum deal.
2Trading volume for AT&T reached 140.3 million shares, approximately 182% above its three-month average.
Verizon shares dropped 10% on October 9, 2026, following SpaceX's acquisition of low-band spectrum. Scotiabank lowered its price target for the company as SpaceX's expansion into satellite-to-cellular technology poses a new competitive threat to legacy wireless providers.
The sector-wide sell-off follows a 9.81% decline in AT&T shares, which closed at $22.17 on October 9, 2026. The Motley Fool reported that trading volume for AT&T reached 140.3 million shares, significantly exceeding its average, after the stock had previously closed at $24.87 on October 8, 2026.