Closing Bell: Towers Gain, Carriers Fall on SpaceX Cell Site Plan
Today's biggest winners and losers in the stock market. On this episode of Stock Movers: Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Jess Menton, Carol Massar and Tim Stenovec. - SpaceX (SPCX) aims to secure a minimum of 80,000 cell sites across the US, and it’s in talks with at least one major cellular infrastructure company to reach that goal, according to people familiar with the matter. The agreements would solidify the rocket and satellite giant’s path toward building a fourth nationwide wireless carrier, said the people, who asked to not be identified because the discussions are private. One of the companies they’re in talks with is Crown Castle (CCI), which, along with American Tower (AMT) are among the largest owners of cellular towers. Shares of both rallied in Friday trading. - Meanwhile, shares of cell carriers like T-Mobile (TMUS), Verizon (VZ) and AT&T (T) fell in response to reports of SpaceX's plans that would make it the fourth nationwide wireless carrier. - JetBlue (JBLU)’s already difficult year took a dramatic turn for the worse Thursday, with a sharp selloff in its securities signaling mounting investor doubts about the airline’s financial outlook. Ahead of next week’s third-quarter earnings report, usually a bright spot for airlines, JetBlue’s stock fell nearly 10% to close at $2.65, its lowest level since going public in 2002. See omnystudio.com/listener for privacy information.