Verizon stock heads for worst day since 2002 as SpaceX U.S. network plans whack telcos

Telecommunications stocks sold off on Friday after Elon Musk 's SpaceX announced an agreement to purchase a nationwide spectrum portfolio , aiming to expand its Starlink internet into mobile service. Verizon was down roughly 7% on the news, and is pacing its worst day since 2002. Shares of T-Mobile were down 12% while AT&T fell around 10%. SpaceX stock climbed slightly, around 1% for the day. The deal includes acquiring the spectrum from Grain Management, which SpaceX described as a "license portfolio of up to 14 megahertz of paired spectrum in the 800 MHz band," in a Thursday statement.