Why T-Mobile Stock Just Crashed
SpaceX is buying spectrum, and T-Mobile investors are nervous.
Overview
Elon Musk's Space Exploration Technologies (NASDAQ:SPCX) is buying spectrum for satellite communications service, inking a deal to purchase old T-Mobile (NASDAQ:TMUS), now owned by private equity firm Grain Management (which sounds like an agricultural concern, but apparently isn't) for an undisclosed sum.
T-Mobile (NASDAQ:TMUS) and SpaceX, of course,are currently partners in mobile telephony, with the latter helping to provide emergency cell service in cellphone "dead zones." So you might expect T-Mobile investors to shrug off this week's development as a non-issue.
Details
They aren't. Instead, T-Mobile stock is down 13% as of 1 p.m. ET.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.