BUZZ-U.S. telecom stocks fall after SpaceX reaches spectrum agreement

路透社2026/10/09 08:46

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October 9th - SpaceX (SPCX.O) has reached an agreement to acquire a portfolio of nationwide low-frequency spectrum licenses, enabling Starlink Mobile to become a major telecom operator in the US, causing a pre-market decline in US telecom stocks. T-Mobile (TMUS.O) shares fell by 6.3%, AT&T by 5.7%, and Verizon (VZ.N) by 5.1%. According to The Wall Street Journal, citing sources familiar with the matter, SPCX will pay about 8 billion USD in cash to the seller, private equity firm Grain Management, to acquire the asset. The financial terms of the agreement have not yet been disclosed by either party. This deal increases competition for traditional carriers, transforming satellite direct-to-device technology from a supplementary safety feature for remote signal dead zones into a full-fledged commercial competitor replacing terrestrial cellular networks. "Although the three major carriers (T, TMUS, VZ) face a more concrete competitive threat due to their weak performance among high-speed data users (HSDs), this is not entirely unexpected and will most likely begin in rural areas," said Morgan Stanley. So far this year, TMUS is down 15.6%, VZ is up 13.7%, and T is slightly up. European telecom stocks were also impacted, including Germany’s Deutsche Telekom (DTEGn.DE). (To facilitate non-English-speaking users, Reuters automates its reports into several other languages. As automated translations may be inaccurate or lack required context, Reuters does not guarantee the accuracy of automated translations, which are provided solely for reader convenience. Reuters assumes no liability for any harm or loss arising from use of this automated translation feature.)

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October 9 - ** Due to SpaceX SPCX.O reaching a (link) agreement to acquire a portfolio of low-band spectrum licenses covering the entire United States, Starlink Mobile will become a major telecom carrier in the US, leading to a decline in pre-market US telecom stocks

** T-Mobile TMUS.O shares fell by 6.3%, AT&T dropped 5.7%, and Verizon VZ.N fell by 5.1%

** According to the Wall Street Journal citing people familiar with the matter, SPCX will pay about $8 billion in cash to the seller—private equity firm Grain Management—to acquire the asset

** The financial terms of the agreement have not yet been disclosed by the parties

** This deal increases competitive pressure on traditional carriers, transforming satellite direct-to-device technology from a supplementary safety feature for remote signal blind spots into a fully competitive commercial rival to terrestrial cellular networks

** “Although the three major carriers (T, TMUS, VZ) have shown weakness in high-speed data users (HSDs), which constitutes a more tangible competitive threat, it is not entirely unexpected and will likely begin in rural areas” — Morgan Stanley

** Year-to-date, TMUS has fallen 15.6%, VZ has risen 13.7%, while T has edged up slightly
** European telecom stocks (link) were also affected, including Germany’s Deutsche Telekom DTEGn.DE

(To assist those whose first language is not English, Reuters provides automated translations of its reports into several other languages. Since automated translation may contain errors or lack required context, Reuters does not guarantee the accuracy of translated texts and provides automated translations for reader convenience only. Reuters does not accept any liability for any damage or loss arising from the use of automated translation.)

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Latest Update October 9 – The Financial Times reported on Thursday that Starbucks (SBUX.O) has explored a potential acquisition of Chipotle (CMG.N). This move would bring CEO Brian Niccol back to the Mexican burrito chain he once led. Starbucks declined to comment, saying the company remains "fully focused" on its business turnaround. Chipotle's stock fell about 4% to $31.32 on Friday, after surging 6.2% in the previous trading session. Limited strategic rationale BTIG expressed "high skepticism," stating that the deal does not make sense operationally, would cause significant dilution for Starbucks shareholders, and would disrupt management operations. "Over the years we've heard many stories about multi-brand acquisitions... but few have materialized, and even fewer have succeeded," BTIG noted. William Blair pointed out that Starbucks’ $9.4 billion net debt as of June makes it difficult to finance an acquisition and could push the combined company’s leverage ratio to about six times—considered high for the restaurant industry. D.A. Davidson stated the probability of the deal succeeding is 20% or less, given the significant differences between the brands and the apparent lack of clear synergies. Raymond James noted that due to the low overlap in menus, supply chain benefits are likely limited, while performance among multi-brand restaurant platforms has been mixed. eMarketer’s Suzy Davidkhanian commented that Niccol's familiarity may reduce execution risk, but investors might still see the deal as a "costly distraction" during Starbucks’ transformation. (For the convenience of non-English speakers, Reuters automatically translates its reports into several other languages. Automated translation may be inaccurate or fail to include necessary context; Reuters does not guarantee the accuracy of automated translated text and provides it solely for readers’ convenience. Reuters accepts no responsibility for any damage or loss resulting from the use of automated translation functions.)

路透社•2026/10/09 16:16