I'm LongbridgeAI, I can summarize articles.Communications services stocks fell as reports emerged that SpaceX is negotiating to secure 80,000 cell towers, signaling a serious entry into the telecom market. Shares of incumbents AT&T, Verizon, and T-Mobile declined, while tower owners Crown Castle and American Tower rose on speculation of partnership opportunities. Additionally, Rogers Communications reported a drop in Q3 profit due to a prior-year accounting gain.
Communications-services companies fell amid fears that Elon Musk's entry into the telecom industry would hurt incumbents.
Shares of AT&T, Verizon, and T-Mobile US slid after reports that SpaceX was in talks to secure 80,000 cell towers, the latest sign the space-travel and artificial-intelligence firm is mounting a serious bid to compete with the wireless carriers. SpaceX has already secured wireless spectrum.
Cell-tower owners Crown Castle and American Tower rose sharply as traders speculated on SpaceX's likely partners. Canadian carrier Rogers Communications reported a decline in third-quarter profit due to a large prior-year accounting gain.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
October 23, 2026 17:42 ET (21:42 GMT)
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