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.
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