Why AST SpaceMobile Sank Today
Shares of satellite-based wireless company AST SpaceMobile (NASDAQ: ASTS) sank 14.6% on Friday as of 1:36 p.m. AST fell along with other telecom stocks today, after Space Exploration Technologies (NASDAQ: SPCX) announced after market close yesterday that it had agreed to purchase up to 14 megahertz in the 800 MHz band. The move indicated SpaceX is very serious about establishing a comprehensive wireless mobile platform, not just a service for remote areas where terrestrial networks struggle to reach. Moreover, SpaceX may have hurt ASTS specifically by outbidding the company on this particular band of spectrum, which industry news outlets reported AST had been seeking. Continue reading