Verizon Shares Drop After SpaceX Spectrum Purchase
Verizon fell 10.14% on October 9 after SpaceX agreed to buy nationwide 800 MHz spectrum from Grain Management, a deal pending FCC approval. CEO Dan Schulman had said in September that satellite was not a viable medium- or long-term competitor and ruled out an MVNO for LEO providers. Analysts see the spectrum as improving SpaceX’s coverage but not necessarily solving capacity, while Verizon’s next earnings call on October 26 gives Schulman a chance to respond.
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