BUZZ - Reports say SpaceX is negotiating wireless business deals, causing US telecom stocks to fall

October 23 - ** According to reports, SpaceX is in talks with a (link) mobile communication infrastructure company regarding a nationwide wireless carrier initiative. As a result of this news, U.S. telecom stocks declined in pre-market trading.

** Bloomberg reported Thursday that SpaceX plans to secure the usage rights for at least 80,000 base stations across the United States and is currently negotiating with mobile infrastructure provider Crown Castle CCI.N.

** Verizon (VZ.N) fell 3.1%; AT&T (T.N) and T-Mobile (TMUS.O) both declined 3.3%.

** Communication infrastructure stocks surged, with Crown Castle rising 7.4%, and American Tower AMT.N rising 5.7%.

** As of the previous trading session's close, AT&T and T-Mobile have fallen 8.4% and 21.8% respectively so far this year, whereas Verizon has gained 11%.

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