Verizon, T-Mobile and AT&T shares fall after SpaceX spectrum deal

Verizon shares fell about 7%, heading for their worst day since 2002, after SpaceX announced an agreement to buy a nationwide spectrum portfolio from Grain Management to expand Starlink into mobile service.

T-Mobile fell about 12% and AT&T about 10%, while SpaceX stock rose about 1%. FCC Chair Brendan Carr, whose agency will oversee approval, called the spectrum competition "really good news for the American consumers."